The Long Run Is Characterized by

question 359

Multiple Choice

The long run is characterized by

• A)the relevance of the law of diminishing returns.
• B)at least one fixed input.
• C)insufficient time for firms to enter or leave the industry.
• D)the ability of the firm to change its plant size.

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Definitions:

Mechanistic Step

Refers to an individual stage or transition within the broader sequence of events that constitute a chemical reaction's mechanism.

Amine

An organic compound and functional group consisting of a basic nitrogen atom with a lone pair and deriving from ammonia by replacement of one or more hydrogen atoms by organic groups.

Carboxylic Acid

Organic compounds containing a carboxyl group (-COOH), known for their acidic properties.

Major Organic Product

The primary outcome of an organic reaction which is produced in the greatest quantity.