The Long-Run Level of Output Is Known as _____ Output

question 207

Multiple Choice

The long-run level of output is known as _____ output.

• A) recognized
• B) structural
• C) potential
• D) balanced budget

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Definitions:

Isocost Line

A graphical representation showing all possible combinations of inputs that cost the same amount.

Capital

Refers to financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the tangible machinery and production equipment used in environments such as factories and other manufacturing facilities.

Labor

The physical and mental effort used in the production of goods and services.

Slope

In mathematics and economics, it represents the rate at which a variable changes over the change in another variable, often depicted as a line on a graph.