In the Long Run

question 22

Multiple Choice

In the long run:

• A)variable inputs are rarely used
• B)variable inputs change to fixed inputs
• C)some inputs, such as plant and machinery, remain fixed
• D)all inputs are considered to be variable

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Definitions:

Stadium

A large, usually outdoor structure for sporting events and concerts, featuring seating for spectators.

Command Economy

An economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services.

Dictator

A ruler with total power over a country, typically one who has obtained control by force and governs without the consent of those ruled.

Economic Decision

A choice made by individuals, businesses, or governments affecting resource allocation or consumption.