In economics, the short run refers to a period of time in which
a. demanders can change their minds about what to buy at what prices
b. demanders and suppliers can negotiate prices
c. price is fixed
d. suppliers can change some, but not all, of their inputs
e. output is fixed
D
Economics
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In a market system, the ultimate decision about what to produce is left to
A) buyers. B) the government. C) sellers. D) households.
Economics
For a perfectly competitive firm, curve A in the above figure is the firm's
A) total fixed cost curve. B) average fixed cost curve. C) average variable cost curve. D) total revenue curve.
Economics