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:

Mononucleosis

An infectious disease typically caused by the Epstein-Barr virus, characterized by fever, sore throat, and swollen lymph glands.

Cold Sores

Painful, fluid-filled blisters on or near the lips, caused by the herpes simplex virus.

Genital Herpes

A sexually transmitted infection caused by the herpes simplex virus, characterized by painful blisters in the genital area.

Curable

Capable of being healed or remedied through treatment or therapy.