Economists Distinguish Between the Short Run and the Long Run

question 131

Multiple Choice

Economists distinguish between the short run and the long run by noting that:

• A) no inputs can be varied in the long run.
• B) some inputs cannot be varied in the short run.
• C) input prices are subject to fluctuations in the short run.
• D) output prices are subject to fluctuations in the long run.

Develop critical thinking and articulation skills through essay writing.

Understand the concept of Machiavellianism and its impact on managerial behavior.

Recognize the importance and benefits of ethical behavior in business.

Identify characteristics that affect persuasion and their implications.

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Definitions:

Capital Budgets

Expenditure planning for long-term investments in an organization, aimed at future benefits.

Operating Budgets

Detailed financial plans that outline expected income and expenditures related to the daily operations of an organization for a specific period.

Maslow's Theory

An explanation of motivation that suggests individuals are propelled to satisfy a progression of needs starting from the most basic physiological necessities up to higher levels of psychological fulfillment.

Physiological Needs

The most basic human needs including food, water, warmth, and rest, which are foundational for survival, as identified in Maslow's hierarchy of needs.