In the Long Run, Price Elasticities of Demand Are Usually

question 182

Multiple Choice

In the long run, price elasticities of demand are usually ____.

• A) less than they are in the short run because people can adjust
• B) the same as they are in the short run because tastes don't change
• C) greater than they are in the short run because prices rise over time
• D) less than they are in the short run because real prices fall over time
• E) greater than they are in the short run because consumers have time to adjust

Understand the human resource perspective as outlined by Bolman and Deal and its implications for organizational behavior.

Understand the concept of contextual engagement and its importance in fostering civic engagement.

Develop skills in gathering and utilizing community information relevant to organizational involvement.

Describe the importance of balancing coordination and control structures within an organization for effective management.

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Definitions:

Diminishing Returns Effect

A principle in economics where increasing one factor of production, while keeping others constant, will at some point yield lower per-unit returns.

Variable Cost

Expenses that vary directly with the level of production output, such as raw materials, labor, and energy costs.

Output

The total amount of goods or services produced by a company, sector, or economy within a specific time period.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of units produced.