Which of the following represents the key difference between the short run and the long run?
a. In the long run, the firm makes commitments to a certain type of production technology which are represented as fixed costs in the long run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the short run.
b. In the short run, the firm makes commitments to a certain type of production technology, which are represented as fixed costs in the short run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the long run.
c. The short run refers to less than two years and the long run in over two years.
d. None of the above are correct.
Question 2
A recession is best defined as a period during which:
a. the percentage of the population employed increases.
b. employment, output, and income decrease.
c. the average price level in an economy decreases.
d. the usage of labor and capital resources increases.
e. budget deficit and trade deficit decrease.
Positron emission tomography (PET) image showing the difference in the metabolic activity of the bra
A pleasant smile can go a long way, even through telephone lines.
Beaker with ibex, dogs, and long-necked birds, from southwest Iran.
Flexible exchange rates are supposed to prevent long-term trade deficits.
Perform the indicated division (long division polynomials)