In the Long Run

question 228

Multiple Choice

In the long run,

• A)all of the firm's input quantities are variable.
• B)the firm can vary the quantities of some but not all inputs.
• C)managers become less efficient.
• D)the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.

---

Definitions:

Job Cost Sheets

Documents used to track the costs associated with a specific job or project, summarizing materials, labor, and overhead expenses.

Job Order Costing System

An accounting method used to assign manufacturing costs to individual products or batches.

Materials Flow

The movement of physical materials through the supply chain from procurement to production to delivery.

Employee Labor

Refers to the work performed by employees for which they are compensated by an employer.