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A basic distinction between the long run and the short run is that:

A) If a firm produces no output in the long-run, it still incurs a loss.

B) The opportunity costs of production are lower in the short-run than in the long-run.

C) In the long-run some inputs are fixed, while in the short-run all inputs are variable.

D) In the short-run, complete adjustment of all inputs is impossible, while in the long-run all inputs can be adjusted.

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Joshua Stredder
Joshua StredderLv10
16 Oct 2020

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Related questions

1. Theoretically, in a long-run cost function:

a. all inputs are fixed

b. all inputs are considered variable

c. some inputs are always fixed

d. capital and labor are always combined in fixed proportions

 

2. The short-run cost function is:

a. where all inputs to the production process are variable

b. relevant to decisions in which one or more inputs to the production process are fixed

c. not relevant to optimal pricing and production output decisions

d. crucial in making optimal investment decisions in new production facilities

 

3. Break-even analysis usually assumes all of the following except:

a. in the short run, there is no distinction between variable and fixed costs.

b. revenue and cost curves are straight-lines throughout the analysis.

c. there appears to be perfect competition since the price is considered to remain the same regardless of quantity

d. the straight-line cost curve implies that marginal cost is constant.

 

The basic difference between the short run and the long run is that:
A. The law of diminishing returns applies in the long run but not in the short run
B. All costs are fixed in the short run but all costs are variable in the long run
C. At least one resource is fixed in the short run while all resources are variable in the long run
D. Economies of scale may be present in the short run but not in the long run
 
The basic difference between the short run and the long run is that:
A. The law of diminishing returns applies in the long run but not in the short run
B. All costs are fixed in the short run but all costs are variable in the long run
C. At least one resource is fixed in the short run while all resources are variable in the long run
D. Economies of scale may be present in the short run but not in the long run
 

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