A. Planning/ a business/ the short run/ the production fuction B. Economi profit

Question

A. Planning/ a business/ the short run/ the production fuction B. Economi profits/costs/marginal products C. Very short run/ short run/ very long run/ long run Short run/ long run/ very short run/ very long run Fill in the blanks to make the following statements correct. a. The relationship between the inputs of factor services and output is called b. A firm eaming positive accounting profits could have zero 1 if the owner's capital is earning exactly its opportunity cost. 1. The time period over c. A firm's planning decisions made when some inputs are variable but others are fixed are made in the time period known as the which al factors are variable but technology is fixed is known as the

Explanation / Answer

A) Production function (it represents relationship between inputs and output)

B) Economic profit (it equals accounting profit - opportunity cost)

C) short run, short run (some factor is fixed)

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