Examlex
Which of the following statements is true?
Long Run
A period of time in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Alternative Goods
Products or services that can be used in place of each other, satisfying the same customer need or want.
Society Forgoes
The opportunity costs that society incurs when choosing to allocate resources to one project or purpose over another, leading to the loss of potential benefits from other uses.
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