The Long Run Is a Period of Time

question 208

Multiple Choice

The long run is a period of time:

• A) that is too short to change the size of a firm's plant.
• B) that is long enough to permit changes in all the firm's inputs, both fixed and variable.
• C) in which production occurs beyond one year.
• D) in which production occurs beyond five years.

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Definitions:

Data

Information that has been collected, organized, and can be interpreted or analyzed.

Public Clouds

Cloud computing services offered over the internet that are available to anyone who wants to purchase or use them.

Private Clouds

Computing services offered over the Internet or a private internal network exclusively to select users, rather than the general public.

Utility Computing

A model where computing resources are provided as a metered service similar to a traditional public utility, like electricity.