The long run is a planning period:
A. during which the firm can vary all inputs including its plant size.
B. less than six months.
C. less than one year.
D. less than five years.
Answer: A
You might also like to view...
Aggregate demand does not include: a. Purchases of intermediate goods and final goods
b. Purchases of used goods and services. c. Purchases of stocks and bonds. d. Aggregate demand does not include any of the above.
A shift to a more expansionary monetary policy will generally _________ in the short run, but if the rapid monetary expansion persists, the long-run result will be ______.(fill in the blanks.)
a. expand output and employment; inflation b. increase the general level of prices; expand output and employment c. increase the rate of unemployment; reduce the rate of inflation d. reduce the rate of inflation; increase the rate of unemployment