Contests Are Easier to Enter and Take Lesser Time Than

question 3

True/False

Contests are easier to enter and take lesser time than sweepstakes.

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Definitions:

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing companies to adjust all inputs.

Least-cost Production

A production method where the combination of resources used minimizes costs for a given output level, achieving productive efficiency.

Per Unit Costs

The average cost of production or delivery per individual unit, calculated by dividing total costs by the number of units produced or delivered.

Output Level

is the quantity of goods or services produced within a given period by a firm or economy.