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. a period of time sufficiently long that all factors of production are variable.
D. one year or more.
Answer: C
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The key idea of the real business theory is that potential output itself will remain stable over time
Indicate whether the statement is true or false
The above figure shows the demand and cost curves for a firm in monopolistic competition. The graph represents the firm's situation in
A) only the short run. B) only the long run. C) either the short run or the long run. D) neither the short run nor the long run.
Which of the following is an industry commonly known to have line employees?
a. automotive b. woodworking c. education d. retail
Behavioral economic policy:
A. builds on traditional economic policy. B. replaces traditional economic policy. C. supports pushes as opposed to nudges. D. is based on laissez-faire principles.