The Basic Difference Between the Short Run and the Long

question 28

Multiple Choice

The basic difference between the short run and the long run is that

• A)all costs are fixed in the short run, but all costs are variable in the long run.
• B)the law of diminishing returns applies in the long run but not in the short run.
• C)at least one resource is fixed in the short run, while all resources are variable in the long run.
• D)economies of scale may be present in the short run but not in the long run.

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Definitions:

Zygote

The initial cell formed when a sperm cell and an egg cell fuse, marking the beginning of a human's genetic makeup.

Phenotype

The observable characteristics or traits of an organism, such as its morphology, development, biochemical or physiological properties, phenology, behavior, and products of behavior, resulting from the interaction of its genotype with the environment.

Genotype

The genetic constitution of an individual organism, often in contrast to its physical appearance or phenotype.

Multifactorial Transmission

Combination of genetic and environmental factors to produce certain complex traits.