Organic Change Is a Process Where Change Is Initiated in Response

question 20

True/False

 Organic change is a process where change is initiated in response to some known external threat or opportunity.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for all adjustments to be made within an economy or firm.

Fixed Input

Inputs used in production that cannot be varied in the short term, such as buildings or machinery.

Plant Size

The physical capacity or dimensions of a manufacturing facility.

Implicit Costs

They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.