The Long Run

question 18

Multiple Choice

The long run:

• A)depends on the type of firm and type of production being considered.
• B)is defined as however long it would take a firm to vary all of its costs.
• C)is longer in industries that take longer to make adjustments in input levels.
• D)All of these are true.

---

Definitions:

Independently

Acting or capable of acting without dependence on others; self-sufficiently.

Density-independent Factors

Environmental factors that affect the size of a population regardless of the population density, such as weather and natural disasters.

Abiotic

Non-living chemical and physical parts of the environment that affect living organisms and the functioning of ecosystems.

Interspecific Competition

The interaction between members of different species that vie for the same resource in an ecosystem (e.g., food or living space).