What's true about both the short-run and long-run in terms of production and cost analysis?
a. In the short-run, one or more of the resources are fixed
b. In the long-run, all the factors are variable
c. The time horizon determines whether or not an input variable is fixed or not
d. The law of diminishing returns is based in part on some factors of production being fixed, as they are in the short run.
e. All of the above
e
Economics
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Appendix: Common value auctions with open bidding necessarily entail
a. asymmetric information b. ascending prices c. more than two bidders d. amendment of bids e. sealed final offers.
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The greater the elasticities of supply and demand, the smaller are the gains from trade
a. True b. False Indicate whether the statement is true or false
Economics