Like the Short Run

question 74

Multiple Choice

Like the short run

• A)the long run supply curve is the sum of the individual firms' supply curves.
• B)the maximum number of firms in the market is fixed.
• C)firms operate only if they make a positive profit.
• D)All of the above.

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Definitions:

Liability

A financial obligation or amount owed by a company to another party.

Asset

An economic resource that is owned or controlled by an individual or entity, expected to provide future benefits.

Cash Basis

An accounting method in which revenues and expenses are recorded only when cash is received or paid, rather than when they are incurred.

Revenue Recognized

Income that a company has earned during a period but has not yet received payment for, adhering to the revenue recognition principle.