The Long Run Is a Time Frame in Which

question 91

Multiple Choice

The long run is a time frame in which

• A)the firm can hire all the workers it wants to employ,but it does not have sufficient time to buy more equipment.
• B)the firm is able to maximize revenue.
• C)the firm may want to build a bigger plant,but cannot do so.
• D)economic efficiency is achieved.
• E)the quantities of all factors of production can be varied.

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Definitions:

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Co-Owned Entity

A business or property ownership arrangement where two or more parties hold a share or interest.

Going-Private Transactions

Financial strategies where a company's outstanding shares are bought out to remove it from public stock exchanges, turning it into a privately held entity.

White Knight

A company or individual that acquires a corporation on the verge of a hostile takeover, to preserve its autonomy.