UPDATED Econ 112 CORRECT ANSWER 100% 2023//2024

The short run is a period of time in which... a) The amount of output is fixed. b) Nothing the firm does can be altered. c) Prices and wages are fixed. d) The quantities of some resources the firm uses are fixed. - ANSWER D The Short Run is a period of time in which? a) Nothing the firm does can be altered b) The quantities of some resources the firm uses are fixed c) Prices and wages are fixed d) the amount of output is fixed - ANSWER B The Short Run is a period of time in which? a) The quantities used of all resource are fixed b) output prices are fixed c) Resource prices are fixed d) The quantity use of at least one resource is fixed - ANSWER D Economists define the Short Run as a period of time so short that? a) The amount of output cannot be changed except under diminishing marginal returns b) The amount of output cannot be changed at all c) only one factor of production can be varied d) at least one factor of production cannot be varied - ANSWER D The Short Run is a time period during which... a) All factors of production are fixed b) All factors of production are variable c) A firm can earn a normal profit d) at least one factor of production is fixed - ANSWER D An example of a variable resource in the short run is? a) an employee b) capital equipment c) a building d) land - ANSWER A 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 a) Market run b) Long Run c) Intermediate run d) Short Run - ANSWER D An example of a short-run fixed factor of production is? a) Postage for mailing b) Capital equipment c) Electricity d) Labor - ANSWER B The long run is a time frame in which? a)The quantities of all resources are fixed b) All costs are sunk costs. c) The quantities of some resources are fixed and the quantities of other resources can be varied. d) The quantities of all resources can be varied. - ANSWER D A period of time in which the quantity of all factors of production used by a firm can be varied is called the? a) Long run. b) Market period. c) Short run. d) Variable run. - ANSWER A In the long run, a firm has? a) Fixed factors of production but no variable resources. b) No factors of production that are variable. c) No factors of production that are either fixed or variable. d) No factors of production that are fixed. - ANSWER D The long run a) Means a long period of time, always longer than a year. b) Is a period of time in which all factors of production can be varied. c) Is different for different firms. d) Both answers B and C are correct. - ANSWER D The long run is a period of time in which? a) Some but not all factors of production are fixed. b) All factors of production are fixed. c) All factors of production are variable. d) Some but not all factors of production are variable. - ANSWER C In the long run, a firm can vary... a) Its capital but not its labor. b) Its labor but not its capital. c) Neither its labor nor its capital. d) Both its labor and its capital. - ANSWER D The marginal product of labor is equal to the? a) Increase in the total product that results from hiring one more worker. b) Slope of the marginal product of labor curve. c) Total product divided by the total number of workers hired. d) None of the above answers are correct. - ANSWER A The marginal product of labor is the increase in total product from a... a) One percent increase in the wage rate, while also increasing the price of capital by one percent. b) One unit increase in the quantity of labor, while holding the quantity of capital constant. c) One dollar increase in the wage rate, while holding the price of capital constant.