The Long Run Refers to a Time Period

question 55

Multiple Choice

The long run refers to a time period

• A)of one year or less.
• B)in which all factors of production are variable.
• C)in which labour is variable,but plant is fixed.
• D)when there is at least one variable factor of production.
• E)of at least 5 years.

---

Definitions:

Sensation Seeking

The tendency to pursue sensory pleasure and excitement, often taking physical, social, legal, and financial risks for the experience.

Item Analysis

A statistical process used to evaluate the effectiveness and reliability of items (questions) in tests and questionnaires.

Zuckerman

A surname associated with notable individuals, in psychology often referring to Marvin Zuckerman, known for his research on sensation seeking.

External Locus

A belief system where individuals attribute their success or failure to external factors or forces beyond their control.