The short run is a period of time:
a. in which a firm uses at least one fixed input.
b. that is long enough to permit changes in the firm's plant size.
c. in which production occurs within one year.
d. in which production occurs within six months.
a
Economics
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Decreasing government spending ________ the price level and ________ equilibrium real GDP
A) increases; increases B) decreases; increases C) increases; decreases D) decreases; decreases
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Why do negative externalities like pollution result in inefficiency?
A. Because producers artificially restrict their supply. B. Because producers ignore the external costs they impose on third-parties. C. Because producers manufacture more goods than people can afford to buy. D. Because producers will receive an unequal distribution of profits.
Economics