Which of the Following Is Correct

question 153

Multiple Choice

Which of the following is correct?

• A) The short run for a firm can be longer than the long run for the same firm.
• B) The short run is the same for all firms.
• C) The long run is the time frame in which the quantities of all resources can be varied.
• D) The long run is the time frame in which all resources are fixed.
• E) The long run does not exist for some firms.

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Definitions:

Hours Per Week

A measure of the amount of time, in hours, spent on a specific activity or work in one week.

Frequency Polygon

A graphical representation of the distribution of a data set, using a line graph to connect midpoints of intervals.

Bar Chart

A graphical representation of data using bars of different heights or lengths to show the values of various categories.

Frequency Distribution

A summary of how often each value in a set of data occurs, typically presented in a table or graphically as a histogram.