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:

Workforce Diversity

Refers to the inclusion of individuals from various backgrounds and demographics within a workplace, contributing to a richer variety of experiences, viewpoints, and skills.

Uncertainty Avoidance

A cultural dimension that describes the extent to which people within a culture are made nervous by situations they perceive as unstructured, unclear, or unpredictable.

Traditional Masculinity

A set of cultural norms and expectations surrounding male behavior, emphasizing traits like strength, stoicism, and dominance.

Procedural Justice

The perceived fairness of the processes and procedures used to make decisions or allocate resources in an organization.