In the Long Run

question 47

Multiple Choice

In the long run

• A) firms have the ability to enter or exit the industry.
• B) firms are able to alter some, but not all, of their resources.
• C) firms are unable to adjust their output choices.
• D) None of the above are correct.

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Definitions:

Living Conditions

The circumstances affecting the daily life and well-being of people, including their housing, environment, and access to resources.

Montana Rancher

An individual who owns or manages a ranch in Montana, involved in the raising of livestock, such as cattle or sheep.

Green Spaces

Areas of natural land, such as parks and gardens, within urban environments, which have positive effects on physical and mental health.

Lower Levels of Stress

A state of reduced psychological or emotional tension and strain.