The Period of Time Over Which the Firm Can Vary

question 24

Multiple Choice

The period of time over which the firm can vary its technology of production is the

• A)short run.
• B)long run.
• C)very- long run.
• D)very- short run.
• E)none of the above; technology cannot be varied.

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Definitions:

Cohabit

The act of living together and sharing a domestic life as a couple without being legally married.

Macro-level

A broad view or approach that examines large-scale social structures, processes, and systems, often used in the context of sociology and economics.

Demographic

Relating to the statistical characteristics of human populations, such as age, race, gender, and income, used especially for identifying consumer markets.

Individual-level Variables

Factors or characteristics that pertain to, or can be measured at, the level of the individual person.