The Long Run Is a Time Frame in Which

question 146

Multiple Choice

The long run is a time frame in which

• A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
• B) the quantities of all factors of production can be varied.
• C) the quantities of all factors of production are fixed.
• D) all costs are sunk costs.

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Definitions:

Anglo-Saxons

Germanic tribes who settled in England in the 5th and 6th centuries, whose culture and language significantly influenced the development of English society and linguistic structure.

White Man's Burden

A concept from a poem that suggested the obligation of European countries to govern and impart their culture to non-European peoples.

Nationals

Individuals who are legal citizens of a particular country and entitled to its protection and to exercise their rights and responsibilities as a citizen.

Citizenship

The status of being a recognized member of a state or nation, with associated rights, duties, and privileges.