The Long Run Refers to a Time Period

question 209

Multiple Choice

The long run refers to a time period

• A)during which a firm is able to purchase all of its inputs, including its plant and equipment.
• B)long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant.
• C)long enough for a firm to pay all of its creditors in full.
• D)long enough for a firm to change the use of its variable inputs.

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Definitions:

Sodium

A chemical element, symbol Na, that is a highly reactive metal and an essential component in the bodies of animals, important for nerve impulse transmission and fluid balance.

Chlorine

A chemical element with symbol Cl and atomic number 17, known for its disinfecting properties and used in the production of a wide array of products.

Photosynthetic Enzymes

Enzymes that catalyze reactions in the process of photosynthesis, enabling plants to convert light energy into chemical energy.

Zinc

A metallic chemical element with the symbol Zn and atomic number 30, essential for human health and used in a variety of applications.