The short run is the time period
A. In which only the amount of capital may be altered.
B. Over which an investment decision can be made.
C. In which some costs are fixed.
D. Necessary so that profits can be earned from production.
Answer: C
You might also like to view...
Holding the price of a firm's output constant, if the marginal product of labor increases
A) the marginal products of other inputs also increase. B) the marginal revenue product of labor also increases. C) the marginal revenue product of labor may increase or decrease. D) the marginal revenue product of labor decreases.
Suppose the principal offers to share a percentage of the profit with the agent. Such a contract
A) will yield the same income for the agent as a hire contract would. B) is incentive compatible. C) creates a production inefficiency. D) would not be acceptable to any agent.