In the Long Run

question 92

Multiple Choice

In the long run,

• A) some resources are variable and some resources are fixed.
• B) firms can enter or exit the industry.
• C) all resources are fixed.
• D) at least one resource is fixed.
• E) all costs are considered by the accountant.

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Definitions:

Individual Incentive Plans

Compensation strategies designed to motivate individual employees by providing rewards, typically financial, based on their personal performance or achievements.

Profit-sharing Plans

Employee benefit plans that provide workers with a share of the company's profits based on its quarterly or annual earnings.

ESOPs

Employee Stock Ownership Plans, which are programs that provide employees with ownership interest in the company.

Pride of Ownership

A sense of satisfaction and accomplishment that individuals feel from owning or being responsible for a particular task or asset.