According to microeconomic theory, an input factor may be: a. Fixed in the short run, but will always be variable in the long run. b. Fixed in the short run, and fixed or variable in the long run. c. Variable in the short run, but will always fixed in the long run. d. Either fixed or flexible in the short run, and either fixed or flexible in the long run.
According to microeconomic theory, an input factor may be: a. Fixed in the short run, but will always be variable in the long run. b. Fixed in the short run, and fixed or variable in the long run. c. Variable in the short run, but will always fixed in the long run. d. Either fixed or flexible in the short run, and either fixed or flexible in the long run.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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According to microeconomic theory, an input factor may be: a. Fixed in the short run, but will always be variable in the long run.
b. Fixed in the short run, and fixed or variable in the long run. c. Variable in the short run, but will always fixed in the long run. d. Either fixed or flexible in the short run, and either fixed or flexible in the long run.
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