Answer to Question #41569 in Microeconomics for ALishia
The defining feature of short-run is:
a) barries of entry prevent new firms from entering the industry. b)the firm does not have sufficient time to change the size of its plant. c)the firm does not have sufficient time to cut its output to zero. d)a firm does not have sufficient time to change the amounts of any of the resources it employs.
The right answer is c) the firm does not have sufficient time to cut its output to zero,the other answers are incorrect, because they are not the characteristics of the short-run or not only of the short-run.
The clock is ticking. The coffee is brewing. The stress intensifies. And all you’ve written in the past 15 minutes…
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