The Short Run Is

question 187

Multiple Choice

The short run is

• A) less than one year.
• B) the time frame in which all resources are fixed.
• C) the time frame in which some resources are fixed.
• D) the time frame in which output is fixed.
• E) a time frame short enough so that some costs are explicit costs.

---

Definitions:

Way of Life

The habits, behaviors, beliefs, and values that define how a person or group lives and interacts with their environment.

Culture Lag

The delay in cultural adjustments to changing social conditions.

Subcultures

Groups within a larger culture that differentiate themselves through unique sets of norms, values, or interests.

Countercultures

Subcultures created as a reaction against the values of the dominant culture.