The Long Run Refers to a Time Period

question 209

Multiple Choice

The long run refers to a time period

• A)during which a firm is able to purchase all of its inputs, including its plant and equipment.
• B)long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant.
• C)long enough for a firm to pay all of its creditors in full.
• D)long enough for a firm to change the use of its variable inputs.

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Definitions:

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding.

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The rational and coherent consideration and application of information to arrive at conclusions or solve problems.

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Glasses that are exactly the same in appearance and specifications.