The Long Run Is Defined as

question 134

Multiple Choice

The long run is defined as

• A) any time after six months.
• B) any time after one year.
• C) the period of time when all resources are fixed.
• D) the period of time when most (more than 50 percent) resources are variable.
• E) the period of time when all resources are variable.

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Definitions:

Price

The pecuniary figure assumed, needed, or distributed as payoff for something.

Demand Curve

A visual depiction highlighting how the cost of a good influences the quantity that buyers seek.

Price

The amount of money required to purchase a good or service; it acts as a signal between sellers and buyers.