The short run is a time period such that:
a. the existing firms in the market do not have sufficient time to change the amounts of any of the inputs that they employ.
b. the existing firms in the market do not have sufficient time to either increase or decrease their current rate of output.
c. the existing firms in the market do not have sufficient time to increase the size of their existing plant or build a new factory.
d. new firms may build plants and enter the industry.
c
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Monopolistic competition is common in
a. retail selling. b. farming. c. basic manufacturing. d. electric power generation.
Suppose the only three existing manufacturers of video game players signed a written contract by which each agreed to charge the same price for products and to distribute their products only in the geographical area assigned them in the contract. This
best describes: A. cost-plus pricing. B. multiproduct pricing. C. a cartel. D. price leadership.