Step-By-Step Rules or Procedures That Guarantee a Solution Will Be

question 113

Multiple Choice

Step-by-step rules or procedures that guarantee a solution will be found for a problem are called:

• A)algorithms
• B)heuristics
• C)homilies
• D)axioms

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Definitions:

Long-run Equilibrium

Describes a state in a market where supply equals demand, with sufficient time for all factors of production to adjust and no external pressures.

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.

Long Run

An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.