Which of the following inputs is normally considered to be variable in the short run?
A) labor
B) capital
C) money
D) time
A
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Joss is a marketing consultant. Iris and Daphne are potential customers interested in commissioning Joss to undertake a market survey and compile the findings in a report
Iris is willing to pay $500 for the service while Daphne is willing to pay $800. Suppose that the opportunity cost of Joss's time is $1,200. Assume that Iris and Daphne do not know each other. If the price of the report is $800 per copy A) only Daphne will purchase Joss's services and Joss will undertake the job for her. B) both Iris and Daphne will purchase Joss's services and Joss will undertake the job. C) only Daphne will want to purchase Joss's services but Joss will not be willing to do the work. D) neither Iris nor Daphne will commission the work.
When the nation of Roma allows trade and as a result becomes an importer of scooters,
a. residents who produce scooters become worse off; residents who buy scooters become better off; and the economic well-being of Roma rises. b. residents who produce scooters become worse off; residents who buy scooters become better off; and the economic well-being of Roma falls. c. residents who produce scooters become better off; residents who buy scooters become worse off; and the economic well-being of Roma rises. d. residents who produce scooters become better off; residents who buy scooters become worse off; and the economic well-being of Roma falls.