The long run is a time period in which a. economic efficiency is achieved. b. th
ID: 1180508 • Letter: T
Question
The long run is a time period in whicha. economic efficiency is achieved.
b. the quantities of all inputs can be varied.
c. the firm is able to maximize its profits.
d. the firm may want to hire less workers, but cannot do so.
2.
(Points: 1) The short run refers to a time perioda. in which some factors of production are variable, but some resources are fixed.
b. of two years or less.
c. in which some inputs are variable.
d. in which all inputs are variable, but the technology is fixed.
3.
(Points: 1) The law of diminishing marginal returns refers to the tendency for ________ to eventually decrease as more workers are hired, all other inputs remaining constant.a. average product of labour
b. marginal product of labour
c. marginal cost
d. total product
The long run is a time period in which
a. economic efficiency is achieved.
b. the quantities of all inputs can be varied.
c. the firm is able to maximize its profits.
d. the firm may want to hire less workers, but cannot do so.
2.
(Points: 1) The short run refers to a time perioda. in which some factors of production are variable, but some resources are fixed.
b. of two years or less.
c. in which some inputs are variable.
d. in which all inputs are variable, but the technology is fixed.
3.
(Points: 1) The law of diminishing marginal returns refers to the tendency for ________ to eventually decrease as more workers are hired, all other inputs remaining constant.a. average product of labour
b. marginal product of labour
c. marginal cost
d. total product
Explanation / Answer
b. the quantities of all inputs can be varied.
c. in which some inputs are variable.
b. marginal product of labour
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