In the Long Run, the Level of Output Is

question 71

Multiple Choice

In the long run, the level of output is:

• A) determined by the quantity of goods and services demanded
• B) determined by the quantity and productivity of resources
• C) determined by the level of interest rates
• D) none of the above

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Definitions:

Standardized

Established to have uniform procedures, dimensions, materials, or tests, to ensure consistency and comparability across different entities or products.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, in economics.

Market Supply

The total amount of a good or service that producers are willing and able to sell at varying price points, at a given time.

Long Run

An economic phase characterized by the variability of all production inputs and expenses.