The long run is:
A) long enough to vary the quantities of all factors of production.
B) long enough to vary all factors of production except for the amount of capital available.
C) more than one month.
D) at least one year.
Correct Answer:
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Q44: Use the following to answer questions:
Figure: Change
Q45: A factor of production whose quantity can
Q46: A factor of production whose quantity CANNOT
Q47: As defined in the text, the long
Q48: Use the following to answer questions:
Figure: Change
Q50: Use the following to answer question:
Figure: The
Q51: Diminishing marginal returns means that:
A) each additional
Q52: Use the following to answer questions:
Q53: In the long run:
A) the firm has
Q54: Think about running a restaurant. Probably:
A) cooks
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