Choose the relevant time period If firms can neither enter nor leave an industry. Short run Intermediate run Long run Immediate run

The short-run is:A.the period of time in which a firm can't change its use of fixed inputs.B.up to three years.C.the period of time in which the production level can't be changed.D.the period of time in which a firm can vary its rate of output.E.a year or less.

To economists considering a firm’s planning horizon, the “short run” refers toSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.athe period in which at least one of the firm’s inputs, like amount of land, is fixedba period of less than one yearcthe term to which the current board of directors has been electeddthe period in which all of the firm’s inputs can be varied

Consider a firm that has no fixed costs and that is currently losing money. a. Are there any situations in which it would want to stay open for business in the short run? multiple choice 1No, the firm will want to shut down.Yes, the firm might want to operate in the long run.Yes, the firm will want to stay in business if revenue is greater than variable costs.There is insufficient information to make this determination. b. A firm with no fixed costs multiple choice 2has a normal profit.has an accounting profit.should shut down.is really in the long run.

Firms that operate in a perfectly competitive industry __.Multiple choice question.make long-run or normal profitsdifferentiate their productsdo not differentiate their productsnever incur short-run profits

Under perfect competition, if an industry is characterized by positive economic profits in the short runQuestion 2Select one:a.firms will enter the market in the long run and the short-run supply curve will shift outward.b.firms will leave the market in the long run and the short-run supply curve will shift inward.c.firms will leave the market in the long run and the short-run supply curve will shift outward.d.firms will enter the market in the long run and the short-run supply curve will shift inward.Clear my choice