In the long run,

a. all the firm’s resources are variable.
b. some of the firm’s resources are variable.
c. none of the firm’s resources are variable.
d. the time period exceeds one year.

a. all the firm’s resources are variable.

Economics

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The value of an additional baker to a bakery is equal to the

A) price of bread. B) value of marginal product of the baker. C) baker's marginal productivity in terms of loaves of bread. D) marginal cost of making an additional loaf of bread.

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Long-run aggregate supply shocks are a source of business cycle fluctuations in ________

A) traditional Keynesian and new Keynesian theory B) new Keynesian and real business cycle theory C) real business cycle and traditional Keynesian theory D) traditional Keynesian, new Keynesian and real business cycle theory

Economics