The Long Run

question 382

Multiple Choice

The long run

• A) means a long period of time, always longer than a year.
• B) is a period of time in which all factors of production can be varied.
• C) is different for different firms.
• D) Both answers B and C are correct.

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Definitions:

Hiring Capital

The resources, often financial, that an organization allocates to the process of recruiting and acquiring new employees or talent.

Future Profits

Expected gain in financial terms that a business anticipates receiving over a forthcoming period, based on current strategies, market conditions, and operations.

Hiring Labor

The process of finding, evaluating, and employing individuals to work for a business or organization.

Payment Stream

A sequence of payment installments made over a period of time, often associated with loans or annuities.