What distinguishes the short run from the long run?
A. In the short run, some inputs are fixed, and in the long run, some inputs are fixed.
B. In the short run, all inputs are variable, and in the long run, all inputs are variable.
C. In the short run, all inputs are variable, while in the long run, some inputs are fixed.
D. In the short run, some inputs are fixed, while in the long run, all inputs are variable.
Ans: D. In the short run, some inputs are fixed, while in the long run, all inputs are variable.
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The shift toward more open, integrated economies that participate in foreign trade and investment is referred to as:
A) protectionism. B) fair trade promotion. C) globalization. D) traditionalism.
In the short run, ________ increases the quantity of labor demanded by the firm
A) a decrease in the price of the firm's output B) an increase in the prices of other factors of production used by the firm C) a technological advance that decreases the marginal product of labor D) a decrease in the wage rate