Which of the following best applies to the distinction between the long run and the short run?
A) The short run is a period of approximately 1-6 months while the long run is any time frame which is longer.
B) In the short run, only new firms may enter, while in the long-run firms may either enter or exit the market.
C) The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.
D) All of the above statements are correct.
Question 2
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F C. The price of clothing is always 1.
What is the competitive equilibrium price for food? A) 5
B) 4
C) 3
D) 2
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Long-range forecasts