The long run is best defined as:
A. a period of time sufficiently long that at least one factor of production is fixed.
B. the period of time between annual accounting reports.
C. one year or more.
D. a period of time sufficiently long that all factors of production are variable.
Answer: D
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An efficiency wage
A) is lower than the market wage and tends to decrease productivity. B) is higher than the market wage and tends to decrease productivity. C) is lower than the market wage and tends to increase productivity. D) is higher than the market wage and tends to increase productivity.
The reserve ratio is 10% and a bank has $600,000 in transaction deposits. The amount of reserves equals
A) $6,000. B) $60,000. C) $600,000. D) undeterminable without information on cash reserves.
Fiscal policy may be used to slow an expansion in order to fight ______.
a. inflation b. deflation c. unemployment d. stagnation
Figure 34-9
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In Figure 34-9, Pestoland exports pasta to Pastaland. The equilibrium price of pasta will be
A. OC. B. OJ. C. OA. D. OK.