To Economists, the Main Differences Between "The Short Run" and "The

question 125

Multiple Choice

To economists, the main differences between "the short run" and "the long run" are that

• A)the law of diminishing returns applies in the long run, but not in the short run.
• B)in the short run all resources are fixed, while in the long run all resources are variable.
• C)fixed inputs are more important to decision making in the long run than they are in the short run.
• D)in the long run all resources are variable, while in the short run at least one resource is fixed.

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Definitions:

Sensory Preconditioning

A learning process where a neutral stimulus becomes capable of eliciting a response after being paired with another stimulus that naturally evokes a reaction.

Conditioned Response

A learned response to a previously neutral stimulus that has been repeatedly paired with an unconditioned stimulus.

Contiguity

A principle in psychology and learning theory that suggests that events experienced close together in time or space are likely to be associated with each other.

Contrapreparedness

An inability to associate a specific conditioned stimulus (CS) and a specific unconditioned stimulus (UCS) despite repeated conditioning experiences