The Short Run Is Best Defined As

question 24

Multiple Choice

The short run is best defined as:

• A)one year or less.
• B)a period of time sufficiently short that all factors of production are variable.
• C)the period of time between quarterly accounting reports.
• D)a period of time sufficiently short that at least one factor of production is fixed.

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Definitions:

Utilitarian Outcome

A result or consequence of an action that is judged solely based on its ability to provide the greatest good for the greatest number of people.

Ethical

Pertaining to or dealing with morals or the principles of morality; conforming to accepted standards of social or professional behavior.

Power-oriented Characteristics

Traits or behaviors displayed by individuals that focus on gaining or maintaining influence or control over others.

David McClelland

A psychologist known for his work on motivation theory, specifically related to the needs for achievement, power, and affiliation.