In the Long Run

question 76

Multiple Choice

In the long run,

• A)inputs that were fixed in the short run remain fixed.
• B)inputs that were fixed in the short run become variable.
• C)inputs that were variable in the short run become fixed.
• D)variable inputs are rarely used.

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Definitions:

Sales Forecast

An estimate of the future sales revenue and volume over a specific period, based on historical data, market analysis, and other factors.

Collection of Credit Sales

The process of receiving payment from customers who have purchased goods or services on credit.

Accounts Payable Balance

The total amount owed by a business to its suppliers or creditors at any given time, representing liabilities for goods and services received but not yet paid for.

Budgeted Cost PURCHASES

The projected expenses associated with acquiring materials or goods needed for production or sale.