COST OF PRODUCTION QUESTIONS
The purpose of this exercise is to give you an opportunity to do some "critical thinking" about the material you have studied
Step 1: Answer the questions in a word document using the economic language you have learned in this and previous chapters
If your name begins with A-G answer the following questions:
A. In economics, what is the distinction between the short-run and long-run? Do these refer to specific time periods of actual time?