In the Long Run

question 29

Multiple Choice

In the long run

• A)all inputs are fixed.
• B)a firm is making the optimal input choice when the marginal rate of technical substitution is equal to the input price ratio.
• C)the expansion path shows how the input marginal products change as the firm's output level changes.
• D)both a and b
• E)none of the above

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Definitions:

Id

In psychoanalytic theory, the part of the mind in which innate instinctive impulses and primary processes are manifest.

Libido

A term often used in psychoanalytic theory to denote the energy of the sexual drive as a component of the life instinct.

Characteristic Patterns

Describes the recurring behaviors, thoughts, or emotions that are typical for an individual or within a specific context.

Personality

The unique and consistent pattern of thoughts, feelings, and behaviors that distinguish one individual from another.