The difference between short-run and long-run cost is that in the short run,
a. there are shortages of labor that can restrict output
b. only labor can be changed to increase or decrease production
c. fixed factors of production have already been chosen
d. the market-day supply limits the amount by which producers can change production
e. all factors of production are variable
C
Economics
You might also like to view...
If a currency increases in value as a result of government decree rather than market forces, the process is known as
a. reflation. b. revaluation. c. appreciation. d. value-added.
Economics
If there is a decrease in disposable income in an economy, then:
A. Both the APC and the APS rise B. The APC rises and the APS falls C. The APC falls and the APS rises D. Both the APC and the APS fall
Economics