In the Long Run, a Firm Has

question 192

Multiple Choice

In the long run, a firm has

• A) no factors of production that are fixed.
• B) no factors of production that are variable.
• C) no factors of production that are either fixed or variable.
• D) fixed factors of production but no variable resources.

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Definitions:

Unrepresentative Sample

Refers to a subset of a population that does not accurately reflect the demographics or characteristics of the whole population.

Rational Image

A coherent and logical mental representation or concept.

Empirical Support

Refers to evidence that is based on observation, experience, or experiments rather than theory alone.

REP Test

Short for Role Construct Repertory Test, a psychological test for assessing an individual's personal construct system, used to understand how they view the world and themselves.