The Short Run Is a Time Frame in Which

question 20

Multiple Choice

The short run is a time frame in which

• A) at least one factor of production is fixed.
• B) all factors of production can be varied.
• C) all factors of production are fixed.
• D) at least one factor of production can be varied.

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Definitions:

Cocoa

The dried and fully fermented fatty seed of Theobroma cacao, from which cocoa solids and cocoa butter are extracted.

Cheese

A dairy product made from curdled or cultured milk.

Demand

The quantity of a product or service that consumers are willing and able to buy at various prices.

Curds

Solid chunks created from milk during the cheese-making process when acids or enzymes cause milk proteins to coagulate.