What is the difference between the short run and the long run?
Please provide the best answer for the statement.
The short run is a period too brief for a firm to alter its plant capacity, but it can still change the degree to which the fixed plant is used. The long run is a period in which the firm can change all resources including the size and number of plants. It is often stated that the short run is a “fixed-plant” period and the long run is a “variable plant” period.
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The opportunity cost of economic growth is
A) future consumption that a nation gets if it gives up some present consumption. B) future consumption that a nation gives up to consume more today. C) present consumption that a nation gives up to accumulate capital. D) present investment that a nation gives up to increase its economic growth.
To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sports equipment consumers' share of this tax would be greater than that shown in the above figure
A) only if the demand was more elastic. B) only if the demand was more inelastic. C) only if the supply was more elastic. D) if either the demand was more inelastic or the supply more elastic.