The Long-Run Refers To

question 57

Multiple Choice

The long-run refers to:

• A)a time period of one year or more.
• B)the time period in which all inputs are variable.
• C)the time period in which it is too costly to change the usage of at least one input.
• D)a time period when marginal returns are diminishing.

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Definitions:

Diversity of Citizenship

A principle used in U.S. federal courts concerning parties from different states or a foreign country, impacting jurisdiction.

Consent

The agreement, approval, or permission as to some act or purpose, especially given voluntarily by a competent individual.

Alternative Dispute Resolution

A term for methods of settling disputes outside the courtroom, such as arbitration or mediation.

Trial

The formal examination of evidence and legal arguments before a judge (and possibly a jury) in a court of law to resolve a dispute or criminal case.