A Basic Distinction Between the Long Run and the Short

question 274

Multiple Choice

A basic distinction between the long run and the short run is that

• A) if a firm produces no output in the long run, it still incurs a cost.
• B) the opportunity costs of production are lower in the short run than in the long run.
• C) in the long run, some inputs are fixed, while in the short run, all inputs are variable.
• D) in the short run, complete adjustment of all inputs is impossible, while in the long run all inputs can be adjusted.

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Definitions:

Flexor Digitorum Longus

A muscle in the lower leg that flexes the toes.

Tibialis Anterior

A muscle located in the front part of the shin that dorsiflexes and inverts the foot.

"You" Attitude

A communication approach focusing on the audience's needs and interests rather than the speaker's, emphasizing the second-person perspective.

Savings Scheme

A financial program designed to encourage individuals to save money regularly.