The Short Run Is Not the Same Length of Time

question 148

Multiple Choice

The short run is not the same length of time for all firms and industries because:

• A) entrepreneurs have different tastes and preferences.
• B) the average product of labor varies across industries.
• C) the life span of capital and the extent of capital specialization will vary across firms and industries.
• D) The marginal product of capital begins to diminish at different levels of capital utilization across firms.

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Definitions:

Glycolysis

A sequence of enzymatic reactions in the cytoplasm that breaks down glucose into pyruvate, producing ATP and NADH as energy sources for the cell.

Pyruvate

A critical energy currency of cells, produced from glucose through glycolysis, serving as a key intermediate in several metabolic pathways.

Basal Metabolism

The minimum rate of energy expenditure per unit time by endothermic animals at rest, ensuring basic physiological functions.

Thermoregulation

The process by which organisms regulate their internal body temperature to maintain homeostasis.