Multiple Choice
Choose the correct statement.
A) The long run is a period of time in which the quantity of at least one input is fixed.
B) The short run is a period of time in which the firm has sufficient time to change all its inputs.
C) The long run is a time frame that lasts for 10 years.
D) In the short run,the firm's plant is fixed.
E) A firm always has plenty of time to make decisions about changing its inputs no matter if it is in a short run or long run position.
Correct Answer:
Verified
Correct Answer:
Verified
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