The Short Run Is Defined as a Period in Which

question 41

Multiple Choice

The short run is defined as a period in which:

• A)the firm cannot change its output level
• B)all inputs are variable but technology is fixed
• C)input prices are fixed
• D)at least one resource is fixed

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Definitions:

Fixed Assets

Long-term tangible assets held for business use and not expected to be converted to cash in the current or upcoming fiscal year, such as land, buildings, and machinery.

Sole Proprietorship

A type of enterprise owned and run by one person, with no legal distinction between the owner and the business entity.

Life Span

The duration of time for which an organism, object, or service is expected to function or remain operational.

Taxes

Mandatory financial charges imposed by governments on individuals, corporations, and transactions to fund public expenditures.