To an economist, the long run refers to a time period:
A) of one year or longer.
B) during which all factors of production are owned by the firm.
C) during which all factors of production are variable in amount.
D) during which some factors of production are variable in amount.
Correct Answer:
Verified
Q37: The disappearance of cassette tape recordings is
Q38: In economics, production time frames are determined
Q39: To an economist, the short run refers
Q40: If a business can change the amounts
Q41: In the short run, all factors of
Q43: A firm can vary the amounts of
Q44: Fixed factors of production:
A) do not exist
Q45: A business incurs:
A) fixed costs in the
Q46: The cost that does not change as
Q47: A factor of production that does not
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