The Long-Run Refers To

question 57

Multiple Choice

The long-run refers to:

• A)a time period of one year or more.
• B)the time period in which all inputs are variable.
• C)the time period in which it is too costly to change the usage of at least one input.
• D)a time period when marginal returns are diminishing.

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Definitions:

Genetic Determinants

Factors encoded in an individual's DNA that influence their traits and the likelihood of developing certain conditions or diseases.

Reinforcement

In behavioral psychology, a consequence applied to an organism's environment that increases the likelihood of a behavior being repeated.

Exosystem

A term from ecological systems theory referring to external social settings that indirectly influence an individual’s development, such as parents' workplaces.

Vice President

A person who is second in command in an organization, government, or corporation, directly below the president.