In the Short Run,but Not in the Long Run

question 193

Multiple Choice

In the short run,but not in the long run,

• A)output is fixed
• B)prices are fixed
• C)prices can change but output is fixed
• D)some resource prices are fixed
• E)the aggregate supply curve is vertical

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Definitions:

Rice

A staple food grain consumed by a large portion of the world's population, particularly in Asia.

Resource Endowments

The natural resources, labor force, and capital that a country possesses, which can affect its economic development.

Crude Oil

Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary energy source and raw material for various products.

Diamonds

Valuable gemstones that are often used in jewelry and have significant industrial applications due to their hardness.