The Long Run Is a Period of Time

question 108

Multiple Choice

The long run is a period of time:

• A) that is too short to change the size of a firm's plant.
• B) that is long enough to permit changes in all the firm's inputs, both fixed and variable inputs.
• C) in which production occurs beyond one year.
• D) in which production occurs beyond five years.

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Definitions:

Social Gospel Movement

A religious and social reform movement in the late 19th and early 20th centuries that sought to apply Christian principles to social problems, such as poverty and inequality.

Individual Salvation

The concept in some religious beliefs that pertains to the salvation or redemption of an individual's soul from sin and its consequences.

Kingdom on Earth

A spiritual or theological concept referring to the belief in establishing a realm or society on Earth that reflects divine principles and justice.

John Dewey

An American philosopher, psychologist, and educational reformer whose ideas have been influential in education and social reform.