A Fat Cat,ever Conscious of Its Weight,walks into an Elevator

question 84

Multiple Choice

A fat cat,ever conscious of its weight,walks into an elevator and steps on a scale.The elevator begins to accelerate downward.While the elevator is accelerating,the scale reads

• A)more than when the elevator is stationary.
• B)more than if the elevator were accelerating upward.
• C)less than when the elevator is stationary.
• D)a negative value.
• E)Insufficient information is given to answer correctly.

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Definitions:

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to increase production.

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to changes.

Total Revenue

Total revenue is the total income generated by a company from its sales of goods or services before any expenses are subtracted.

Total Cost

The sum of all costs incurred in the production of goods or services, including both fixed and variable costs.