Which of the Following Is Considered to Be a Short-Run

question 24

Multiple Choice

Which of the following is considered to be a short-run version of the factor price equalization theory?

• A)Economies of scale theory
• B)Intraindustry trade theory
• C)Specific factors theory
• D)Product cycle theory

---

Definitions:

Consumer Equilibrium

A state where an individual's consumption choices provide maximum satisfaction or utility given their budget constraints.

Total Utility

The overall satisfaction or happiness a consumer derives from consuming a certain amount or combination of goods and services.

Olive Oil

A liquid fat obtained from olives, a traditional tree crop of the Mediterranean Basin, used in cooking, cosmetics, and as a fuel.

Dish Soap

A cleaning product used to wash dishes, cut through grease, and sanitize kitchenware.