The Long Run Is Characterized by

question 359

Multiple Choice

The long run is characterized by

• A)the relevance of the law of diminishing returns.
• B)at least one fixed input.
• C)insufficient time for firms to enter or leave the industry.
• D)the ability of the firm to change its plant size.

Learn methods for evaluating and making ethical decisions in business.

Recognize the importance of corporate culture in fostering ethical behavior.

Understand the concept of conflict of interest and its implications in business decisions.

Understand the role of challenging goals and personal control in promoting positive well-being in work experiences.

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Definitions:

Corporate Officer

Executives who are appointed by a corporation's board of directors to manage the corporation's affairs.

Day-To-Day Operations

The regular, routine activities necessary for a business or organization to function effectively.

Model Business Corporation Act

A standardized set of laws designed to regulate business corporations, serving as a guide for state legislatures in drafting their corporate statutes.

Codification

The process of collecting and restating the law of a jurisdiction in certain areas, usually by subject, forming a legal code.