The Long Run Is a Time Period That Is

question 154

Multiple Choice

The long run is a time period that is

• A) five years or longer.
• B) long enough to change the amount of labor employed.
• C) long enough to change the size of the firm's plant and all other inputs.
• D) long enough to change the amount of labor employed but not to change the size of the plant.
• E) None of the above answers describes the long run.

---

Definitions:

Labor Force

The total number of people employed or actively seeking employment in a country or region.

State Governments

The governing bodies of individual states in a federal system, responsible for local governance and law-making.

Voting Privilege

The right or benefit, often exclusive to certain groups, allowing an individual to participate in the election of leaders and policies through casting a vote.

Re-charter

The act of renewing or extending the charter of an organization, often referring to banks or other corporations with limited terms.