Which of the Following Is an Example of a Long-Run

question 103

Multiple Choice

Which of the following is an example of a long-run cost for a manufacturing firm?

• A) the purchase of additional raw materials
• B) hiring more employees
• C) an increase in the size of its factory
• D) paying higher tax rates
• E) increasing the size of its management team

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Definitions:

Psychological Egoism

The hypothesis positing that people are consistently driven by their own self-interest, even when their actions appear to be altruistic.

Ethical Egoism

A moral philosophy that posits individuals should act in ways that serve their own self-interest.

Ancient Societies

Civilizations or cultures that existed in the distant past, often characterized by their contributions to history, art, and knowledge.

True Altruism

The act of selflessly helping others with no expectation of reciprocation or benefit to oneself.