Economics-Microeconomics

Business

Quiz 11 :

Output and Costs

Quiz 11 :

Output and Costs

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The short run is a period of time in which
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A

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The long run is a period of time in which
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A

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Economists define the short run as a period of time so short that
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D

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An example of a short-run fixed factor of production is
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All the decisions made by people who operate firms have one overriding objective, which is to
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In the short run
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The short run is a time frame in which
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The short run is a time frame in which
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The long run is a time frame in which
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The short run is a time period during which
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An example of a variable factor of production in the short run is
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The long run
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After constructing a new factory, the cost of building the factory is a
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A period of time in which the quantity of all factors of production used by a firm can be varied is called the
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A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the
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In the long run, a firm has
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When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in the
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A cost that has already been made and cannot be recovered is called a
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In the short run
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The short run is a period of time in which
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