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To economists, the main difference between the short run and the long run is that: Question 17 options: a. the law of diminishing marginal returns applies in the long run but not in the short run b. in the long run c. fixed costs are more important to decision making in the long run than they are in the short run d. in the short run all resources are fixed e. in the short run all resources are variable

To economists, the main difference between the short run and the long run is that: Question 17 options: a. the law of diminishing marginal returns applies in the long run but not in the short run b. in the long run c. fixed costs are more important to decision making in the long run than they are in the short run d. in the short run all resources are fixed e. in the short run all resources are variable

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 9CQ
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To economists, the main difference between the short run and the long run is that: Question 17 options: a. the law of diminishing marginal returns applies in the long run but not in the short run b. in the long run c. fixed costs are more important to decision making in the long run than they are in the short run d. in the short run all resources are fixed e. in the short run all resources are variable
Transcribed Image Text:To economists, the main difference between the short run and the long run is that: Question 17 options: a. the law of diminishing marginal returns applies in the long run but not in the short run b. in the long run c. fixed costs are more important to decision making in the long run than they are in the short run d. in the short run all resources are fixed e. in the short run all resources are variable
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