Author Question: The short run is a period of time in which A) the quantity of at least one factor of production ... (Read 154 times)

londonang · **on:** Jun 29, 2018

The short run is a period of time in which

A) the quantity of at least one factor of production is fixed.
B) the amount of output is fixed.
C) prices and wages are fixed.
D) nothing the firm does can be altered.

Question 2

Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of juice. If the price of an apple increases, then Jill's budget line would

A) not change.
B) shift towards the origin on the apples axis only.
C) shift towards the origin on both the apples and bottles of juice axes.
D) shift away from the origin on the bottles of juice axis only.