In the Long Run

question 446

Multiple Choice

In the long run

• A) all inputs can be varied.
• B) all inputs are fixed.
• C) some inputs are variable and other inputs are fixed.
• D) output is fixed.

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Definitions:

Marginal Benefits

The additional benefits or advantages gained from an increase in an activity or the consumption of a good or service.

Flood-Control Projects

Initiatives and constructions undertaken to manage and prevent flooding in vulnerable areas, typically involving barriers, dams, and water diversion systems.

Spillovers

Refers to the impact that an economic activity has on unrelated third parties, which can be either positive or negative.

Marginal Cost

The financial outlay required to produce one more unit of a product or service.