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Economics
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A characteristic of the long run is
a)there are fixed inputs.
b)all inputs can be varied.
c) plant capacity can not be increased or decreased.
d)there are both fixed and variable inputs.

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Sixta Kovacek
Sixta KovacekLv2
26 Feb 2020

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Related questions

The distinction between the short-run and the long-run for a perfectly competitive firm or a monopolist is that:

  a. in the short-run all inputs are fixed whereas in the long-run no inputs are fixed
  b. in the short-run all inputs are variable whereas in the long-run all inputs are fixed
  c. in the short-run at least one input is fixed whereas in the long-run all inputs are fixed
  d. in the short-run at least one input is fixed whereas in the long-run no inputs are fixed

Theoretically in a long run cost function:

A. All inputs are fixed

B. All inputs are considered variable

C. Some inputs are always fixed

D. Capital and labor are always combined in fixed proportions

A basic distinction between the long run and the short run is that:

A) If a firm produces no output in the long-run, it still incurs a loss.

B) The opportunity costs of production are lower in the short-run than in the long-run.

C) In the long-run some inputs are fixed, while in the short-run all inputs are variable.

D) In the short-run, complete adjustment of all inputs is impossible, while in the long-run all inputs can be adjusted.

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