The View of the Firm That Recognizes Just Suppliers and Customers

question 59

Multiple Choice

The view of the firm that recognizes just suppliers and customers as stakeholders is the

• A) production view.
• B) managerial view.
• C) ownership view.
• D) stakeholder view.

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Definitions:

Long-run Supply

Long-run Supply refers to the quantity of a good that producers are willing and able to supply onto the market at different price levels when all production inputs can be varied.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.

Increasing-cost Industry

An industry in which the costs of production increase as the industry expands due to factors like limited resources or higher input prices.

Long-run Supply

The time period in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.