Which of the Following Is a Long-Run Adjustment

question 165

Multiple Choice

Which of the following is a long-run adjustment?

• A)A new economics professor is hired on campus.
• B)General Motors increases its orders for steel.
• C)Microsoft cuts back its hiring of new graduates.
• D)Glow Electric disassembles one of its nuclear power plants.
• E)Texaco buys more crude oil to refine into gasoline.

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Definitions:

Coffee Beans

The seed of the coffee plant, used to produce the popular beverage coffee, following a process of drying, roasting, and grinding.

Essential

Refers to goods or services considered necessary for basic human functioning and living standards.

Marginal Rate of Substitution

The speed at which a consumer is ready to replace one product with another, keeping their level of contentment constant.

Marginal-Utility Analysis

An economic method that evaluates how the addition of one more unit of consumption affects overall utility.