Which of the Following Characteristics Define the Long Run in Macroeconomics

question 87

Multiple Choice

Which of the following characteristics define the long run in macroeconomics?

• A)Factor prices are exogenous, and technology and factor supplies are constant.
• B)Factor prices adjust to output gaps, and technology and factor supplies are changing.
• C)Factor prices are exogenous, and technology and factor supplies are changing.
• D)Factor prices adjust to output gaps, and technology and factor supplies are constant.
• E)Factor prices are exogenous, technology and factor prices are exogenous.

Understand the importance of choosing the right banker or lender, and the role of a good banker.

Recognize the legal liabilities and responsibilities of directors and officers in a company.

Identify strategies for marshaling resources, including bootstrapping.

Appreciate the value of scheduling time for random activities in fostering creativity and innovation.

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Definitions:

Product Differentiation

A strategy businesses use to make their products unique from competitors'.

Elastic

Describes a situation in economics where the demand or supply of a good is sensitive to changes in price.

Price-elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Sneaker Manufacturers

Companies engaged in the design, production, and marketing of sneakers for various consumer segments.