The Long Run Is Defined as the Time Period in Which

question 100

Multiple Choice

The long run is defined as the time period in which

• A) the firm can vary only one input.
• B) the firm can make positive economic profits.
• C) all factors of production can be altered.
• D) the firm can alter its rate of production.

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Definitions:

Internal Validity

The extent to which a study can rule out or make unlikely alternative explanations of the results, indicating that the causal relationship being tested is trustworthy.

Construct Validity

The degree to which a test or instrument accurately measures the theoretical construct it is intended to measure.

Low Construct Validity

When a test or tool does not accurately measure the theoretical concept it is intended to measure.

Operational Definition

A clear, precise description of how variables in a study will be measured or manipulated, making research findings replicable and understandable.