Unplanned Change Tends to Be Oriented More Toward the ______

question 32

Multiple Choice

Unplanned change tends to be oriented more toward the ______ and is ______.

• A)present;reactive
• B)future;proactive
• C)past;proactive
• D)future;reactive
• E)past;reactive

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing for all adjustments to take place in the analysis of economic conditions.

Average Variable Cost

The total variable costs of production divided by the quantity of output produced.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.

Average Fixed Cost

The fixed costs of production (costs that do not vary with output) divided by the quantity of output produced.