The long run is defined as:
A. the horizon in which there are both fixed and variable factors of production.
B. the horizon in which the manager can adjust all factors of production.
C. the horizon in which there are only fixed factors of production.
D. greater than one year.
Answer: B
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In an economy with ________, there are more prices than in an economy with ________
A) barter; money B) fiat money; commodity money C) fiat money; barter D) money; barter
A country has a current account surplus if
A) the value of its exports exceeds the value of its imports, assuming net income from foreign assets and net unilateral transfers have a value of zero. B) the value of its net exports of services exceeds the value of its net exports of goods. C) it receives more income from foreign assets than it pays to foreigners for foreign-owned domestic assets. D) its capital inflows exceed its capital outflows.
A firm's isoquant shows:
a. the amount of labor needed to produce a given level of output with capital held constant. b. the amount of capital needed to produce a given level of output with labor held constant. c. the various combinations of capital and labor that will produce a given amount of output. d. none of the above.
Generally speaking, markets do a(n) ____ job of reconciling the demands of fairness and efficiency
a. excellent b. above-average c. average d. poor