The Long Run Is a Period of

question 151

Multiple Choice

The long run is a period of

• A) at least one year.
• B) sufficient length to allow a firm to expand output by hiring additional workers.
• C) sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
• D) sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.

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Definitions:

Reliability

The degree to which the results of a measurement or test are consistent and repeatable under similar conditions.

Sociologists

Scholars who study social behavior, structures, and functions, and how they influence human interactions and societal development.

Census Data

Systematically collected information about populations, usually including demographic, economic, and social data, gathered through a census.

Official Statistics

Data collected, analyzed, and published by governmental agencies to provide quantitative or factual information on the economic, demographic, and social conditions.