In the long run, output is determined by:
A) the state of technology.
B) the size of the capital stock.
C) the size of the labor force.
D) all of the above.

Question

Quizplus · Accepted Answer

Output in the long run is determined by all of the above factors, including the state of technology, the size of the capital stock, and the size of the labor force. Technological advancements can increase productivity and efficiency, while a larger capital stock (such as factories and equipment) can lead to increased output. Additionally, a larger labor force can lead to more workers producing goods and services, increasing output. Therefore, all of these factors play a role in determining long-run output.

In the Long Run, Output Is Determined By