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:

Gross Earnings

The total amount of revenue or income earned by an individual or business before any deductions or taxes are applied.

Net Pay

The amount of money an employee takes home after deductions like taxes and retirement contributions have been subtracted.

FICA Tax

A mandatory tax used to fund the United States Social Security and Medicare programs, deducted from the wages of employees.

Federal Income Tax

A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.