The Long Run Is a Period of Time in Which

question 229

Multiple Choice

The long run is a period of time in which

• A) all factors of production are variable.
• B) all factors of production are fixed.
• C) some but not all factors of production are fixed.
• D) some but not all factors of production are variable.

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Definitions:

Kilo-

A prefix in the metric system representing one thousand (1000) of the unit it precedes.

Decimal

Numbers that are expressed as a fraction of a part using 10 as its base number; it also refers to the period used to separate a whole number from a fraction, as in 10.2, otherwise read as “ten and two-tenths.”

Fraction

A numerical quantity that is not a whole number, representing a part of a whole.

Base Number

A mathematical value serving as a foundational digit in a numbering system, determining its counting process, such as 2 in binary or 10 in decimal.