The Difference Between the Short Run and the Long Run

question 130

Multiple Choice

The difference between the short run and the long run is

• A) economic profits are negative in the short run and positive in the long run.
• B) economic and accounting profits are not equal in the short run but are equal in the long run.
• C) that in the short run at least one factor of production cannot be varied while in the long run all factors of production can be varied.
• D) the short run is a period less than a year while the long run is a period greater than a year.

Identify different types of groups within the workplace and their purposes.

Recognize the characteristics and benefits of effective teamwork, including task performance and member satisfaction.

Distinguish between self-managing teams and traditional workgroups in terms of structure and functionality.

Identify the stages of team development and their characteristics.

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Definitions:

Continuous Reinforcement Schedule

A learning paradigm where every correct response is followed by a reward, facilitating rapid behavior acquisition.

Partial Reinforcement Schedule

A learning process in which a response is reinforced only a portion of the time, leading to stronger behavioral persistence.

Continuous Punishment Schedule

A disciplinary strategy where every instance of unwanted behavior is punished.

Social Learning Theory

A theory in psychology that states behavior is learned from the environment through the process of observational learning.