As the Time Period Lengthens, the Flexibility of the Firm

question 86

Short Answer

As the time period lengthens, the flexibility of the firm to change production__________________ because inputs can change intensity or quantity.

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Definitions:

Intangible

An asset that lacks physical substance, such as intellectual property, brand names, or goodwill.

Operations

Operations refer to the day-to-day activities involved in the running of a business for the purpose of producing value for the stakeholders.

Useful Life

The estimated time period that an asset is expected to be usable for the purpose it was acquired.