Which of the Following Is Correct

question 153

Multiple Choice

Which of the following is correct?

• A) The short run for a firm can be longer than the long run for the same firm.
• B) The short run is the same for all firms.
• C) The long run is the time frame in which the quantities of all resources can be varied.
• D) The long run is the time frame in which all resources are fixed.
• E) The long run does not exist for some firms.

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Definitions:

Risk

The potential for loss, damage, or any other negative occurrence that is caused by external or internal vulnerabilities and that may be mitigated through preemptive action.

Frustration

The feeling of upset or annoyance, often due to inability to change or achieve something.

Income

Refers to the money an individual or business receives in exchange for providing a good or service or through investing capital.

Capital Intensive

Describes industries or businesses that require a large amount of capital investment in relation to their labor cost to produce goods and services.