Even Though Contracts Are Often Fixed in the Short Run

question 10

True/False

Even though contracts are often fixed in the short run, as time passes, prices and costs can be changed to reflect the new competitive realities caused by a change in exchange rates.

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Definitions:

Milligrams

A unit of mass in the metric system equal to one thousandth of a gram.

Grams

A metric unit of mass equal to one thousandth of a kilogram, widely used in science and everyday measurement.

Liters

A metric unit of volume equal to one cubic decimeter (dm^3), commonly used to measure liquids and other volumetric quantities.

Milliliters

A unit of volume in the metric system, equivalent to one thousandth of a liter or approximately 0.034 fluid ounces.