The Basic Characteristic of the Short Run Is That

question 102

Multiple Choice

The basic characteristic of the short run is that

• A)a firm does not have sufficient time to change the amounts of any of the resources it employs.
• B)the firm does not have sufficient time to cut its rate of output to zero.
• C)the firm does not have sufficient time to change the size of its plant.
• D)the time frame is sufficient to allow new firms to enter the industry.

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Definitions:

External Validity

The degree to which the results of a study may be generalized beyond that study.

Alcohol

A psychoactive substance commonly found in beverages such as beer, wine, and spirits, known for its depressant effects on the central nervous system.

Pregnancy

The condition of being pregnant, involving the development of a fetus inside a woman's uterus.

Direction of Magnitude

The attribute of comparing two values or entities that indicates the relationship in terms of greater than, less than, or equal to.