In the Long Run,but Not in the Short Run

question 64

Multiple Choice

In the long run,but not in the short run,

• A)output is fixed
• B)prices can change but the level of output is fixed
• C)some resource prices are fixed
• D)prices are fixed but the output level can change
• E)both prices and output are fixed

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Definitions:

Just-In-Time Purchasing

An inventory management strategy where materials are ordered and received just as they are needed in the production process, minimizing stock levels.

Electronic Data Interchange (EDI)

A system for exchanging business documents in a standardized electronic format between organizations.

Minimal Inspection

A quality control strategy where only a minimal or limited amount of inspection is carried out to ensure product quality.

Lead Time

The amount of time that passes between the commencement of a process and its completion, often used in the context of production and supply chain management.