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6.Which of the following are short-run and which are long-run adjustments? LO3a.Wendy’s builds a new restaurant.b.Harley-Davidson Corporation hires 200 more production workers.c.A farmer increases the amount of fertilizer used on his corn crop.d.An Alcoa aluminum plant adds a third shift of workers.

Question


6.Which of the following are short-run and which are long-run adjustments? LO3

a.Wendy’s builds a new restaurant.

b.Harley-Davidson Corporation hires 200 more production workers.

c.A farmer increases the amount of fertilizer used on his corn crop.

d.An Alcoa aluminum plant adds a third shift of workers.

check_circleAnswer
Step 1

Short run: Short run refers to a time period which does not allow a change in the capital to adjust to the market situation.

Long run: Long run refers to a time which changes the production variable to adjust to the market situation.

Step 2

a. Building restaurant is a capital good that requires more time period. Thus, it is a long run adjustment.

Step 3

b. Hire a labor requires few days. Thus...

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