The Long Run Is a Period of

question 151

Multiple Choice

The long run is a period of

• A) at least one year.
• B) sufficient length to allow a firm to expand output by hiring additional workers.
• C) sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
• D) sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.

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Definitions:

Solid Matter

Substances that are firm and maintain a fixed volume and shape, as opposed to liquids or gases.

Bone

A dense, hard connective tissue composing the skeleton of most vertebrates, providing support, protection, and aiding in movement.

Calcified

Having deposits of calcium salts within tissues, which can indicate aging or pathological changes.

Rheumatoid Arthritis

An autoimmune disorder characterized by chronic inflammation of the joints, leading to pain and deformity.