In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________
A) some factors of production are variable; the quantities of all factors of production are fixed
B) all factors of production are variable but technology is fixed; technology is variable
C) all factors of production are fixed; the quantities of all factors of production can be varied
D) some factors of production are fixed; the quantities of all factors of production can be varied
D
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The supply curve for a good is a line that relates
a. profit and quantity supplied. b. quantity supplied and quantity demanded. c. price and quantity supplied. d. price and profit.
Smith drives his car numerous places. Sometimes he drives his car around his residential neighborhood and sometimes he drives it on the highway. Occasionally, Smith gets peeved with the way other people drive and makes a rude gesture to them. Based on one of the theories discussed in the textbook, he is
A) more likely to make a rude gesture to another driver on the highway than in his residential neighborhood. B) less likely to make a rude gesture to another driver on the highway than in his residential neighborhood. C) equally likely to make a rude gesture to another driver on the highway as in the residential neighborhood. D) There is not enough information provided to answer this question.