The Long Run

question 162

Multiple Choice

The long run:

• A) is a period long enough for every input except plant size to be varied.
• B) is a period in which there are no fixed costs.
• C) is typically a period of two years.
• D) is all of the above.

Recognize the roles of state and federal governments in enforcing laws.

Understand the foundational impact of business law on various functional areas of business.

Grasp the concept of law as a system that facilitates social order and change.

Comprehend the classifications and types of laws (e.g., criminal, civil, procedural).

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Definitions:

Affirmative Action

A policy or a set of measures aimed at increasing opportunities for historically disadvantaged groups in various areas, such as employment and education.

Comparable Worth

The principle that jobs of equal value to an organization should receive equal pay, regardless of the gender or ethnicity of the person performing the job.

Employment Equity Act

Legislation aimed at promoting fair treatment and eliminating discrimination in the workplace, ensuring equality of opportunity for all employees.

Federal Government

The national government of a federal country that has specific powers accorded by the country's constitution.