In the Long Run

question 228

Multiple Choice

In the long run,

• A)all of the firm's input quantities are variable.
• B)the firm can vary the quantities of some but not all inputs.
• C)managers become less efficient.
• D)the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.

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Definitions:

Two Variables

Refers to studies or analyses that involve examining the relationships or interactions between two different variables.

Test of Independence

A statistical technique that identifies whether there is a meaningful relationship between two variables of categorical type.

Categorical Variable

A variable that represents groups or categories with no intrinsic ranking or order.

Expected by Chance

An outcome or result that occurs without a deliberate intention, as if by random occurrence or luck.