The Long Run Is Defined as a Time Period During

question 376

Multiple Choice

The long run is defined as a time period during which full adjustment can be made to any change in the economic environment. Thus in the long run, all factors of production are variable. Long-run curves are sometimes called planning curves, and the long run is sometimes called the

• A) foreseeable future.
• B) minimum efficient time period.
• C) non-adjustment period.
• D) planning horizon.

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Definitions:

Tertiary Circular Reaction

A stage in Piaget's theory of cognitive development during which toddlers experiment with new behaviors to see the outcomes, typically observed around 12 to 18 months of age.

Invention

The creation of a new device, method, or process, developed from study and experimentation.

Scheme Assimilation

The cognitive process by which new information is absorbed into existing mental frameworks or schemas.

Sensorimotor Development

The stage of cognitive development, according to Piaget, from birth to about two years, where infants learn through interacting with their environment using their senses and motor actions.