In macroeconomics, the long run is determined by:
A. how long it takes for prices of inputs to adjust through the whole economy.
B. the longest contract length of a business.
C. how long it takes for output decisions to adjust to changes in economic conditions.
D. how long it takes for firms to vary all input quantities.
Answer: A
Economics
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A) increases when the price of the firm's output falls. B) decreases when the price of the firm's output falls. C) decreases when the wage rate decreases. D) always increases when the prices of other factors fall.
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Refer to the above graph. A budget deficit would be associated with GDP level:
A. L. B. K. C. J. D. no GDP level.
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