The Long-Run Is

question 1

Multiple Choice

The long-run is:

• A)a time period in which all input levels are fixed.
• B)a time period in which at least one input level is fixed.
• C)one year.
• D)a time period in which no input levels are fixed.

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Definitions:

Accurate

The quality of being true, correct, or precise.

Cent

The smallest unit of currency in many countries, equal to 1/100 of the base unit.

Insurance Broker

A professional intermediary who advises individuals and businesses on insurance needs and negotiates insurance contracts on their behalf with insurers.

Annual Premiums

Regular payments made yearly to keep an insurance policy active.