The long run is best defined as a time period O during which at least one input cannot be changed. O that is long enough to change all factors of production. O that is longer than five years. O during which the prices of other goods change. One thing that distinguishes the short run from the long run is O explicit costs. the number of months considered. O the presence of total costs. O whether any costs are fixed.
The long run is best defined as a time period O during which at least one input cannot be changed. O that is long enough to change all factors of production. O that is longer than five years. O during which the prices of other goods change. One thing that distinguishes the short run from the long run is O explicit costs. the number of months considered. O the presence of total costs. O whether any costs are fixed.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 3.7IP
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