Scenario 5.1 The Demand for Noodles Is Given by the Following Equation

question 27

Multiple Choice

Scenario 5.1
The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2P_x. Assume that P = $8, I = 200, and P_x = $10.
-When economists speak of the short run, they are referring to _____.

• A)a specific period of time, usually less than one year
• B)a specific period of time, more than one year, but less than two years
• C)a specific period of time just long enough that the quantities of all resources can be varied
• D)a period of time short enough that the quantities of at least one of the resources cannot be varied
• E)a period of time short enough that none of the quantities of the resources can be varied

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