Which of the Following Distinguishes the Short Run from the Long

question 37

Multiple Choice

Which of the following distinguishes the short run from the long run in pure competition?

• A) Firms can enter and exit the market in the long run but not in the short run.
• B) Firms attempt to maximize profits in the long run but not in the short run.
• C) Firms use the MR = MC rule to maximize profits in the short run but not in the long run.
• D) The quantity of labor hired can vary in the long run but not in the short run.

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Definitions:

Biological and Chemical Weapons

Weapons that utilize toxic materials or infectious agents to harm or kill humans, animals, or plants.

Will to Develop

The determination and commitment shown by individuals or societies to improve economic conditions, infrastructure, and standards of living through innovation and investment.

Economic Growth

An increase in a country’s ability to produce goods and services, reflected in an increase in real GDP over time.

Human Capital Investment

The process of increasing the value of a workforce through education, training, and health improvements.