In the Long Run

question 14

Multiple Choice

In the long run

• A)all inputs are fixed.
• B)only capital inputs are fixed.
• C)all intermediate goods are fixed.
• D)all inputs are variable.

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Definitions:

Sales Tax

A tax imposed by governments on the sale of goods and services.

Total Revenue

The entire amount of income generated by the sale of goods, services, or other financial assets before any deductions are made.

Culture of Poverty

A concept in social theory that suggests that poverty is not a result of individual inadequacies but is instead the outcome of a larger social and cultural atmosphere that perpetuates and sustains poverty.

Immediate Gratification

The desire to experience pleasure or fulfillment without delay or deferment.