The firm's short run is defined by the time that it can
a. use up the current stock of raw materials
b. make a profit-maximizing production decision
c. recover all of the fixed costs
d. begin earning positive profit
e. change some but not all resources
E
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In a housing market with a rent ceiling set below the equilibrium rent, as time passes the supply of apartments
A) decreases. B) increases. C) does not change. D) becomes fixed by the government. E) increases while the demand for apartments decreases.
In U.S. recessions, growth in total consumption is ________, which is ________ with the workings of the permanent-income and life-cycle hypotheses
A) largely uninterrupted, perfectly consistent B) largely uninterrupted, rather inconsistent C) noticeably reduced, perfectly consistent D) noticeably reduced, rather inconsistent