The Standard Long-Run Model Assumes That

question 24

Multiple Choice

The standard long-run model assumes that:

• A) technology improves at an increasing rate over time.
• B) technological advance is impossible.
• C) technology is fixed.
• D) costs of production are fixed.

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Definitions:

Domain-general Adaptation

A concept referring to the ability or process of adjusting or conforming across various areas or situations, not limited to a specific field or domain.

Controlled Process

A type of cognitive processing that requires deliberate, effortful attention and is often contrasted with automatic processes.

Adaptations

Attributes that improve an individual’s prospects for survival and reproduction.

Social Tendencies

Inherent inclinations or predispositions in individuals to behave in certain ways in social contexts, influenced by societal norms and personal experiences.