The Economy Is in Long-Run Equilibrium When

question 1

Multiple Choice

The economy is in long-run equilibrium when

• A)an optimal mix is reached.
• B)input prices have fully adjusted to changes in output prices.
• C)few input and output prices have adjusted.
• D)change is the leading characteristic of the production factors.

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Definitions:

Immune System

The body's defense mechanism against infectious organisms and other invaders through a series of steps called the immune response.

Muscle Spasm

An involuntary and sudden contraction of one or more muscles, often painful and a sign of muscle strain or neurological conditions.

Tetanus

A bacterial infection characterized by muscle spasms, commonly caused by Clostridium tetani bacteria.