The Short Run Is the Time Period

question 97

Multiple Choice

The short run is the time period

• A)Over which an investment decision can be made.
• B)Necessary so that profits can be earned from production.
• C)In which some costs are fixed.
• D)In which only the amount of capital may be altered.

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Definitions:

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the additional satisfaction or utility that person gains from consuming one more unit of the product.

Demand Curve

A graph showing the relationship between the quantity of a good that consumers want to buy and its price.

Downward Slope

A graphical representation indicating a decrease or decline in value, often used in reference to graphs showing relationships such as demand curves.

Topographical Map

A type of map characterized by large-scale detail and quantitative representation of relief, usually using contour lines.