Which of the Following Is a Characteristic of the Long

question 13

Multiple Choice

Which of the following is a characteristic of the long run?

• A) There are fixed inputs.
• B) All inputs can be varied.
• C) Plant capacity cannot be increased or decreased.
• D) There are both fixed and variable inputs.

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Definitions:

Consumption Bundles

A combination of goods and services that an individual or household consumes over a given period.

Consumer

An individual or group who purchases goods and services for personal use.

Budget

A financial plan for a defined period, often one year, that allocates future personal income towards expenses, savings, and debt repayment.

Paperback Novels

Books printed on lower quality paper, bound in a soft cover, and typically less expensive than hardcover editions.