Author Question: The long run A) means a long period of time, always longer than a year. B) is a period of time ... (Read 488 times)

tnt_battle · **on:** Jun 29, 2018

The long run

A) means a long period of time, always longer than a year.
B) is a period of time in which all factors of production can be varied.
C) is different for different firms.
D) Both answers B and C are correct.

Question 2

At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too ________ pizza and too ________ of other goods.

A) much; little
B) much; much
C) little; little
D) little; much