The long run refers to a time period
A) during which a firm is able to purchase all of its inputs, including its plant and equipment.
B) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant.
C) long enough for a firm to pay all of its creditors in full.
D) long enough for a firm to change the use of its variable inputs.
Answer: B
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When natural resources are not traded, or where markets are not allowed to function as well as they can under a system of well-defined property rights, the problems of ____ and ____ are common
a. higher taxes; increased regulation b. waste; scarcity c. inflation; unemployment d. slow growth; fluctuating currency values
What are influence costs and why do they inhibit efficient organizational design?
What will be an ideal response?
Anthony closes out his account in which he deposited $500 five years ago at an interest rate of 5%. Mark closes out his account in which he deposited $500 ten years ago at an interest rate of 5%. Who had more in their account? About how much more did he have?
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service, if the price of cable TV increases, then consumer surplus (in the cable TV market) usually:
A. increases. B. decreases. C. drops to zero. D. becomes negative.