In the Long Run

question 212

Multiple Choice

In the long run,

• A)a firm can shut down,but it cannot exit the industry.
• B)there are no fixed factors of production.
• C)a firm can vary all inputs,but it cannot change the mix of inputs it uses.
• D)None of the choices are correct.

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Definitions:

Preparedness

The state of being ready and able to deal with specific situations or emergencies.

Cognitive Development

The process by which one becomes an intelligent person.

William Perry

An American educator and psychologist known for his theory of intellectual and ethical development in college students.

Dualism

A philosophical concept that posits the existence of two fundamental principles, often contrasting, such as mind and body or good and evil.