In the Short Run

question 96

Multiple Choice

In the short run,

• A)at least one of the firm's inputs is fixed
• B)customer tastes and preferences are fixed
• C)the firm may vary all inputs
• D)sunk costs are variable
• E)government intervention is inevitable

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Definitions:

Hippocampus

A crucial part of the brain involved in memory formation and spatial navigation.

Receny Effect

The tendency to remember and give greater importance to the most recently presented information over older information.

Primacy Effect

A cognitive phenomenon where items or information presented first are remembered better than those presented later.

Short-term Memory Capacity

The amount of information that can be held in the short-term memory for a brief period, typically regarded as lasting 20 to 30 seconds.