What's True About Both the Short-Run and Long-Run in Terms

question 15

Multiple Choice

What's true about both the short-run and long-run in terms of production and cost analysis?

• A) In the short-run,one or more of the resources are fixed
• B) In the long-run,all the factors are variable
• C) The time horizon determines whether or not an input variable is fixed or not
• D) The law of diminishing returns is based in part on some factors of production being fixed,as they are in the short run.
• E) All of the above

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Definitions:

Population

In the context of statistics and research, it refers to the total group of individuals or items from which a sample may be drawn for study.

Operational Definition

A clear, precise definition of a term in a study, based on measurable conditions or behaviors.

Confusion

A state of perplexity or disorientation, often due to a lack of understanding or clarity.

Contradictory Information

Information that is in direct opposition to other information, creating a conflict or dilemma.