The Long Run Is Best Defined as a Period of Time

question 5

Multiple Choice

The long run is best defined as a period of time such that

• A) more than one year has passed.
• B) more than five years have passed.
• C) some prices have adjusted.
• D) all prices have adjusted.
• E) all firms are maximizing profit.

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Definitions:

Cyclic Electron Pathway

A photosynthetic process where electrons are recycled in order to produce ATP without the production of NADPH or oxygen.

Noncyclic Electron Pathway

A pathway of photosynthesis where electrons flow in a linear manner from water to NADP+, producing NADPH without the return of electrons to the light-absorbing pigment.

Calvin Cycle

A set of chemical reactions that take place in chloroplasts during photosynthesis, where carbon dioxide is converted into glucose.

G3P

Glyceraldehyde 3-phosphate, a three-carbon sugar molecule that plays a central role in both the Calvin cycle of photosynthesis and the glycolysis metabolic pathway.