The Short Run Is

question 20

Multiple Choice

The short run is:

• A)a period in which firms are able to vary all inputs.
• B)a period in which firms are unable to change their scale of production.
• C)a period in which inputs can be varied only in equal proportions.
• D)a period that is the same for all firms across all industries
• E)a period that only has variable costs.

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Definitions:

Capital Abundant

A description of an economy or sector that has a large amount of capital (such as machinery, tools, and buildings) available compared to labor.

Factor Markets

Markets in which firms buy the resources they need to produce goods and services.

Highly Educated Workers

Individuals who have attained a high level of education, often including university degrees, which typically equips them with specialized skills.

Unskilled Workers

Workers who possess no specific skills or qualifications, and are therefore suited for jobs that require only basic tasks and minimal training.