The Short Run Is That Period in Which Firms

question 72

Multiple Choice

The short run is that period in which firms:

• A) are free to vary all inputs.
• B) are able to vary some, but not all, inputs.
• C) can vary inputs, but only by varying all inputs in equal proportion.
• D) cannot increase production at all.

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Definitions:

Horizontal Axis

In a graph or chart, the x-axis, which typically represents the independent variable or the base for measurement of distances or intervals.

Indifference Curve

A graphical representation in microeconomic theory of the combinations of two goods among which a consumer is indifferent.

Midterm Grade

An evaluative score or letter assigned to a student, reflecting their performance halfway through an academic term.

Horizontal Axis

In a graph or chart, the x-axis, representing the independent variable or the basis of comparison across the chart.