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Which of the following is a short-run adjustment? (i) A local bakery hires two additional bakers
Which of the following is a short-run adjustment?
(i) A local bakery hires two additional bakers.
(ii) Six new firms enter the plastics industry.
(iii) The number of farms in the United States declines by 5 percent.
(iv) BMW constructs a new assembly plant in South Carolina.
Expert Solution
The correct answer is (i) A local bakery hires two additional bakers. Because the concerns of the short-run focuses on the short term, this is the most effective short term effect on the marketplace. The other options have permanent ramifications to the market; while the hiring of two bakers does have an impact, they can be fired or released and thus does not always have to be taken into account in future projections.
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