To Economists, the Main Difference Between the Short Run and the Long

question 126

Multiple Choice

To economists, the main difference between the short run and the long run is that

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

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Definitions:

Medical Doctor

A qualified practitioner of medicine; a physician who has completed rigorous education and training to diagnose, treat, and prevent illnesses.

Medicine Dropper

A small tool used for transferring a measured amount of liquid medicine, consisting of a squeezable bulb and a narrow, cylindrical tube.

Infection

The invasion and multiplication of microorganisms such as bacteria, viruses, and parasites that are not normally present within the body.

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Issues related to the eye that require surgical intervention to correct vision or treat conditions.