The basic difference between the short run and the long run is that: select one: a. all costs are fixed in the short run, but all costs are variable in the long run. b. the law of diminishing returns applies in the long run, but not in the short run. c. at least one resource is fixed in the short run, while all resources are variable in the long run. d. economies of scale may be present in the short run, but not in the long run.

Aproperty title search firm is contemplating using online software to increase its search productivity. currently an average of 40 minutes is needed to do a title search. the researcher cost is $2 per minute. clients are charged a fee of $400. company a's software would reduce the average search time by 10 minutes, at a cost of $3.50 per search. company b's software would reduce the average search time by 12 minutes at a cost of $3.60 per search. which option would have the higher productivity in terms of revenue per dollar of input?

Which of the following is one of the main causes of inflation? a. wages drop so workers have to spend a higher percentage of income on necessities. b. demand drops and forces producers to charge more to meet their costs. c. rising unemployment cuts into national income. d. consumers demand goods faster than they can be supplied.

What is the use of an energy control system