The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full.
B) long enough for a firm to change the use of its variable inputs.
C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant.
D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
C
Economics
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Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
Economics
Feasible options are options:
A) that are available and affordable. B) that are available but not affordable. C) that are affordable but not available. D) that are optimal for an economic agent.
Economics