The Short Run Is a Period of Time

question 18

Multiple Choice

The short run is a period of time

• A)when there is an expansionary gap and firms run their plants only for short periods
• B)of one year or less
• C)when there is a contractionary gap
• D)during which resource buyers and sellers cannot adjust fully to changes in the price level
• E)when resource buyers and sellers can adjust fully to changes in the price level

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Definitions:

Distributive Property

A property that allows one to multiply a single term by each term within a parenthesis in a sum or difference.

Real Numbers

The set of all rational and irrational numbers, including all numbers that can be written as a decimal.

Associative Property

A mathematical principle stating that the way in which terms are grouped in an operation (addition or multiplication) does not change the result.

Addition

The mathematical operation that combines two or more quantities into a single sum.