In the Long Run

question 218

Multiple Choice

In the long run:

• A) the firm considers all factors as fixed.
• B) the firm considers all factors as variable.
• C) production choices are more limited than in the short run.
• D) production is always greater than zero.

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Definitions:

Minor Changes

Small adjustments or modifications that are made to improve or correct a situation without significant overhaul.

MRP System

Material Requirements Planning, a computer-based inventory management system designed to assist in production and inventory planning.

Wheeled Coach

Known as the largest manufacturer of ambulances in the world, highlighting operations management and process efficiency in their production system.