With Regard to Economic Decision Making for Firms,the Long Run

question 107

Multiple Choice

With regard to economic decision making for firms,the long run is a period in which

• A)all factors of production are variable but technology is fixed.
• B)technology is variable.
• C)only some of the factors of production are variable.
• D)technology may be variable,but some factors of production are fixed.
• E)only capital is variable.

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Definitions:

Decision Making

The process of making choices or conclusions based on available information, analysis, and preference.

Influencer

An individual who has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience.

Decision Maker

An individual or group responsible for making choices that will affect the outcome of a particular process or situation.

Purchaser

An individual or organization that buys goods or services for personal use or for further processing or manufacturing.