The Long Run for a Business Is a Period of Time

question 234

Multiple Choice

The long run for a business is a period of time

• A) longer than a year.
• B) when most inputs are variable.
• C) when all inputs can change.
• D) when labor is the only input used by the business.

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Definitions:

Taste-For-Discrimination Model

A theoretical model that explains how discrimination can affect economic decisions and outcomes by assuming some agents have a 'taste' or preference for discriminating against certain groups.

Wages

Compensation given to employees for their work, often determined by the hour, day, or by the amount of work completed.

Labor Force

The labor force comprises all the working-age population that is either employed or actively seeking employment.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.