Input Prices Are ________ in the Short Run and ________

question 40

Multiple Choice

Input prices are ________ in the short run and ________ in the long run.

• A) sticky; sticky
• B) flexible; flexible
• C) increasing; increasing
• D) flexible; sticky
• E) sticky; flexible

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically identified as product, price, place, and promotion.

Energy Exploration

The process of searching for natural resources, such as oil, gas, and minerals, necessary for energy production.

Refineries

Industrial plants where raw materials, particularly crude oil and other feedstocks, are processed and transformed into useful products like gasoline and diesel.

U.S. Constitution

A foundational document of the United States establishing its national government, fundamental laws, and guaranteeing certain basic rights for its citizens.