In the Long Run

question 228

Multiple Choice

In the long run,

• A)all of the firm's input quantities are variable.
• B)the firm can vary the quantities of some but not all inputs.
• C)managers become less efficient.
• D)the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.

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Definitions:

Tautology

A statement that is true in every possible interpretation, often repeating the same idea in different words unnecessarily.

Self-Contradictory Antecedent

A condition in a hypothetical statement that contradicts itself, making the statement impossible or illogical.

Tautology

A statement that is true by necessity or by virtue of its logical form, often repeating the same idea in different words without providing additional information.

Symbolic Notation

The use of symbols or abbreviations to represent specific objects, operations, or relationships in various academic fields, particularly mathematics and logic.