Author Question: The short run is a time period such that: a. the existing firms in the industry do not have ... (Read 117 times)

jc611 · **on:** Jun 30, 2018

The short run is a time period such that:
a. the existing firms in the industry do not have sufficient time to adjust the quantity of any inputs which they employ.
b. the existing firms in the industry do not have sufficient time to adjust their current rate of output.
c. new entrants have sufficient time to build factories and enter the industry.
d. the existing firms in the market do not have sufficient time to increase the size of their existing plants or build new factories.

Question 2

The idea of comparable worth implies that wages are to be determined by the job characteristics and not merely by the interaction of demand and supply.
a. True
b. False
Indicate whether the statement is true or false