In the Process of Long-Term Profit Maximization,the Business Makes Decisions

question 38

Multiple Choice

In the process of long-term profit maximization,the business makes decisions under the assumption that it can

• A) change only short-term costs.
• B) change only long-term costs.
• C) vary all the inputs.
• D) eliminate all unnecessary expenses.

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Definitions:

Manipulated

Pertains to an independent variable in an experiment that is controlled or changed by the researcher to observe its effect.

Measured

Describes the process of quantitatively assessing or gauging a variable, attribute, or phenomenon.

Dependent Variable

In an experiment, it is the variable being tested and measured, which is expected to change as a result of modifications to the independent variable.

Independent Variable

A variable in an experiment or study that is manipulated or changed to observe its effect on a dependent variable.