In the Long Run

question 8

Multiple Choice

In the long run

• A) all inputs are fixed.
• B) a firm is making the optimal input choice when the marginal rate of technical substitution is equal to the input price ratio.
• C) the expansion path shows how the input marginal products change as the firm's output level changes.
• D) both a and b
• E) none of the above

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Definitions:

Rate-Limiting

Describes the slowest step in a chemical reaction pathway or process, which determines the overall reaction rate.

Exothermic

A chemical reaction that releases energy by light or heat.

Rate Equation

An expression that describes how the rate of a chemical reaction depends on the concentration of the reactants.

Reaction Rate

The speed at which reactants are converted into products in a chemical reaction, typically measured in moles per liter per second.