When there is a recessionary gap, one is likely to see an increase in overtime work and more hours worked by part-time workers

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.

If the substitution effect of a lowered price is partly or fully offset by the income effect, we know that the good in question is a(n)

a. complementary good b. inferior good c. luxury good d. normal good e. substitute good