The Long Run Refers to a Time Period

question 209

Multiple Choice

The long run refers to a time period

• A)during which a firm is able to purchase all of its inputs, including its plant and equipment.
• B)long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant.
• C)long enough for a firm to pay all of its creditors in full.
• D)long enough for a firm to change the use of its variable inputs.

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Definitions:

Cooperative Learning

An instructional strategy where small groups of students work together on a common task, promoting each other's learning.

Immediate Problems

Urgent issues or challenges that require prompt attention and resolution to prevent further complications or negative outcomes.

Response Cost

An application of contingent withdrawal of a positive reinforcer punishment. A response (or behavior) “costs” the individual something he or she likes, such as money, points, or activities/privileges. Receiving a speeding ticket is an example of a response cost because the behavior of speeding costs individuals something they find reinforcing—money.

Fair Contracts

Agreements or arrangements that are just, equitable, and agreed upon by all parties involved, often emphasizing fairness and mutual benefit.