The long run is a period of time in which
A) all factors of production are variable.
B) all factors of production are fixed.
C) some but not all factors of production are fixed.
D) some but not all factors of production are variable.
A
You might also like to view...
Which of the following is a result of government price controls?
A) Some people win and some people lose. B) Price controls benefit poor consumers but harm producers and wealthy consumers. C) Price controls increase economic efficiency. D) The deadweight loss from price ceilings is greater than the deadweight loss from price floors.
Which of the following functions are performed by changes in relative prices but not by changes in average prices?
A. Computing real income from nominal income. B. Indicating an overheating economy. C. Measuring the rates of inflation. D. Signaling changes in the desired mix of output.