Distinguish between the short run and the long run. in the short run, in the long run,
a. a...
Distinguish between the short run and the long run. in the short run, in the long run,
a. a firm's plant is fixed; a firm can change its plant
b. the quantity of only one factor of production is fixed; the quantities of all factors of production can be varied
c. all factors of production are variable except technology; the quantities of all factors of production can be varied
d. all costs are sunk costs; the quantity of only one factor of production is fixed
Answers: 3
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James is an employee in the widget inspection department of xyz systems, a government contractor. james was part of a 3-person inspection team that found a particular batch of widgets did not meet the exacting requirements of the u.s. government. in order to meet the tight deadline and avoid penalties under the contract, james' boss demanded that the batch of widgets be sent in fulfillment of the government contract. when james found out, he went to the vice president of the company and reported the situation. james was demoted by his boss, and no longer works on government projects. james has a:
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