In Macroeconomics, the Long Run Is Determined By

question 116

Multiple Choice

In macroeconomics, the long run is determined by:

• A) how long it takes for prices of inputs to adjust through the whole economy.
• B) how long it takes for firms to vary all input quantities.
• C) the longest contract length of a business.
• D) how long it takes for output decisions to adjust to changes in economic conditions.

---

Definitions:

Guthrie

Edwin Ray Guthrie was a psychologist known for his associationist theories of learning, emphasizing the contiguity principle.

Hull

A reference to Clark L. Hull, an influential psychologist known for his work on drive theory and behaviorism.

Estes

Pertains to the work of William K. Estes, an American psychologist known for his research in mathematical psychology, learning theory, and memory processes.

Thorndike

Edward Thorndike was an American psychologist whose work on animal behavior and the learning process led to the theory of connectionism and helped lay the scientific foundation for modern educational psychology.