Theoretically,in a Long-Run Cost Function

question 11

Multiple Choice

Theoretically,in a long-run cost function:

• A) all inputs are fixed
• B) all inputs are considered variable
• C) some inputs are always fixed
• D) capital and labor are always combined in fixed proportions
• E) b and d

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Definitions:

American Dream

The conviction that, irrespective of one's birthplace or social class, it is possible for individuals to achieve their unique form of success in a community where everyone has the opportunity for upward social movement.

Social Conflict Theory

A sociological perspective that views society as composed of groups competing for scarce resources, emphasizing the role of power and coercion in producing social order.

Vertical Social Mobility

The movement between different class statuses, often called either upward mobility or downward mobility.

Cultural Capital

The collection of knowledge, skills, education, and advantages a person has, which gives them a higher status in society.