In the Long Run

question 76

Multiple Choice

In the long run,

• A)inputs that were fixed in the short run remain fixed.
• B)inputs that were fixed in the short run become variable.
• C)inputs that were variable in the short run become fixed.
• D)variable inputs are rarely used.

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Definitions:

Buyers and Sellers

Parties involved in the exchange of goods and services, where buyers provide compensation and sellers provide the goods or services.

Manufacturers' Agents

Independent sales agents who work on behalf of manufacturers to sell their products to wholesalers and retailers.

Noncompetitive

Refers to a situation or environment where there is little to no competition between businesses or individuals.

Exclusive Territory

A business agreement in which a franchisor grants a franchisee the sole right to sell or distribute products or services in a specified geographic area.