The Long Run Is

question 30

Multiple Choice

The long run is

• A) over one year.
• B) over five years.
• C) when all factors of production are fixed.
• D) the time period in which all factors of production can be varied.

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Definitions:

Computer-Assisted Manufacturing (CAM)

Manufacturing that employs specialized computer systems to actually guide and control the transformation processes.

Computer-Assisted Design (CAD)

The design of components, products, and processes on computers instead of on paper.

Transformation Process

The method by which inputs (such as raw materials, information, or labor) are converted into outputs (products or services) by an organization.