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24) The short run refers to a time period A) in which some factors of production are variable, but at least one factor of production is. B) in which all factors of production are fixed. C) in which all factors of production are variable. D) in which all factors of production are variable, but the technology is fixed. E) of one year or less.

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Elin Hessel
Elin HesselLv2
31 Oct 2018
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Related questions

What is the difference between "diminishing marginal returns" and "diseconomies of scale"?
Ā 
(i) Diminishing marginal returns that apply only in the short run, when at least one factor is fixed, explains why marginal cost increases, while diseconomies of scale which applies in the long run, when all factors are variable, explains why average cost increases.
(ii) Diminishing marginal returns which apply only in the short run, when at least one factor is fixed, explains why average variable cost increases, while diseconomies of scale which applies in the long run, when all factors are variable, explains why average total cost increases.
(iii) Both concepts explain why marginal cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale apply in the long run when all factors are variable.
(iv) Both concepts explain why average total cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale apply in the long run when all factors are variable.

15) Plant refers to those factors of production A) that must be held in storage for at least one year. B) that have a decreasing marginal product as more of the factor is used. c) that are too expensive for the firm to purchase. D) that are fixed in the short run. E) which can be purchased only in fixed quantity lots.

17) The short run is a time frame in which A) at least one factor of production is fixed. B) the amount of output produced is fixed. C) the firm is not able to hire more workers. D) there is a shortage of most factors of production E) there is not enough time to make all of the decisions necessary to maximize profit.

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