In the Short Run

question 169

Multiple Choice

In the short run

• A) existing firms do NOT face limits imposed by a fixed input.
• B) all firms have costs that they must bear regardless of their output.
• C) new firms can enter an industry.
• D) existing firms can exit an industry.

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Definitions:

Winston Churchill

A significant historical figure, best known as the Prime Minister of the United Kingdom during World War II known for his leadership qualities and stirring speeches.

Strategic Planning

The process of defining a direction for an organization by setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.

Organizational Direction

The guidance or strategy that a company or organization follows to achieve its goals and objectives.

Repetition of Activities

The act of performing the same tasks or procedures multiple times to achieve consistency, proficiency, or for reinforcement.