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:

Contractual Capacity

The legal ability of a party to enter into a binding contract, often related to age and mental competency.

Situations

Various sets of circumstances or conditions in which individuals, groups, or organizations find themselves.

Court

a legal institution where disputes are resolved and justice is administered by judges and/or a jury.

Intellectual Production

The creation of intangible assets through intellectual effort, such as inventions, literary works, and designs.