The Long Run Is a Period of Time

question 208

Multiple Choice

The long run is a period of time:

• A) that is too short to change the size of a firm's plant.
• B) that is long enough to permit changes in all the firm's inputs, both fixed and variable.
• C) in which production occurs beyond one year.
• D) in which production occurs beyond five years.

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Definitions:

Articulates

Pertains to how bones connect or join together at joints to allow for movement.

Radius

One of the two major bones in the forearm, located on the lateral side (thumb side) of the forearm.

Distal Location

Refers to parts of the body or structures located farthest from the point of attachment or reference.

Humerus

The long bone in the upper arm that runs from the shoulder to the elbow.