In the Long Run

question 76

Multiple Choice

In the long run,

• A)inputs that were fixed in the short run remain fixed.
• B)inputs that were fixed in the short run become variable.
• C)inputs that were variable in the short run become fixed.
• D)variable inputs are rarely used.

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Definitions:

Implied Warranty

A legal assumption that the goods sold are fit for their intended purpose, even if not explicitly promised by the seller.

Express Warranty

A written or verbal promise made by a seller to a buyer, guaranteeing the quality or functionality of a product or service.

Merchantability

A guarantee that a product will meet reasonable expectations of quality and usability for which it was sold.

Nonconforming Goods

Goods shipped that do not meet the specifications or requirements set out in the contract of sale.