Which of the following statements best describes the economic short run?
A) It is a period during which at least one of the firm's inputs is fixed.
B) It is a period during which fixed inputs become variable inputs because of depreciation.
C) It is a period during which firms are free to vary all of their inputs.
D) It is a period of one year or less.
Question 2
Firms in perfectly competitive industries are unable to control the prices of the products they sell and earn a profit in the long run. Which of the following is one reason for this?
A) Firms from other countries are able to produce similar products at lower costs.
B) Firms in perfectly competitive industries can use advertising in the short run to persuade consumers that their products are better than those of other firms. But eventually consumers realize that all of the firms sell virtually identical products.
C) Firms in these industries sell identical products.
D) Owners of perfectly competitive firms realize that their short-run profits are temporary. Therefore, they either sell their businesses or develop other products that will earn short-run profits.
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