The Length of the Short Run

question 635

Multiple Choice

The length of the short run

• A)is different for different types of firms.
• B)can never exceed 3 years.
• C)can never exceed 1 year.
• D)is always less than 6 months.

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Definitions:

Specialization

The situation in which each person specializes in the task that he or she is good at performing.

Absolute Advantage

The ability of an individual or economy to produce a good or service more efficiently than competitors using the same amount of resources.

Cars

Motor vehicles with four wheels designed primarily for passenger transportation and commonly powered by internal combustion engines.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than competitors, using fewer resources.