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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define short run in economics.
💡 Hint: Focus on the limitations present in short-term adjustments.
Question 2
Easy
What happens to production factors in the long run?
💡 Hint: Think about flexibility in adjusting resources.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
In the short run, which factor remains fixed?
- Labor
- Capital
- Both
💡 Hint: Think about how businesses manage their resources in the short term.
Question 2
True or False: In the long run, all factors of production can be changed.
- True
- False
💡 Hint: Recall the definition of long run in production.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a firm operating in the short run. If it can only change its labor input while its equipment remains constant, discuss the implications for production efficiency.
💡 Hint: Reflect on the law of diminishing marginal returns connected to labor changes.
Question 2
How might the understanding of short and long run production concepts influence a business's investment decisions?
💡 Hint: Think about the benefits of flexibility vs long-term commitment.
Challenge and get performance evaluation