The short run is a time period such that:
a. the existing firms in the industry do not have sufficient time to adjust the quantity of any inputs which they employ.
b. the existing firms in the industry do not have sufficient time to adjust their current rate of output
c. new entrants have sufficient time to build factories and enter the industry.
d. the existing firms in the market do not have sufficient time to increase the size of their existing plants or build new factories.
d
Economics
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Suppose that an economy's output does not change from one year to the next, but the price level doubles. What happens to real GDP?
A. Real GDP doubles B. Real GDP is halved C. Real GDP doesn't change D. There is not enough information to determine what happens to real GDP
Economics
The type of human capital formation that occurs in the business sector is called
A. vocational education. B. business education. C. on-the-job training. D. productivity enhancement.
Economics