Author Question: The long run is a period of time: a. that is too short to change the size of a firm's plant. b. ... (Read 54 times)

elizabeth18 · **on:** Jun 30, 2018

The long run is a period of time:
a. that is too short to change the size of a firm's plant.
b. that is long enough to permit changes in all the firm's inputs, both fixed and variable.
c. in which production occurs beyond one year.
d. in which production occurs beyond five years.

Question 2

A period of sustained growth in output in an economy is referred to as a(n) _____.
a. expansion
b. contraction
c. peak
d. trough
e. recession