The Long Run Is a Planning Period

question 126

Multiple Choice

The long run is a planning period:

• A) during which the firm can vary all inputs including its plant size.
• B) less than six months.
• C) less than one year.
• D) less than five years.

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Definitions:

Numerous

Existing in large numbers or quantities; very many.

Various

Describing a group composed of many different elements or individuals.

Disconfirming Instances

Disconfirming instances are examples or cases that contradict a hypothesis or theory, providing evidence against its accuracy or generalizability.

Confirming Instances

Examples or occurrences that support a theory or a hypothesis.