1.)The amount of the calendar time associated with the longrun: A.is less than t

Question

1.)The amount of the calendar time associated with the longrun: A.is less than that associated wit the immediate marketperiod. B.varies from industry to industry. C.is the same for all firms. D.is the year by definition. 2.)The long run is characterized by: A.the relevance of the law of diminishing returns. B.at least one fixed input. C.insufficient time for firms to enter or leave theindustry. D.the ability of the firm to change its plant size. 1.)The amount of the calendar time associated with the longrun: A.is less than that associated wit the immediate marketperiod. B.varies from industry to industry. C.is the same for all firms. D.is the year by definition. 2.)The long run is characterized by: A.the relevance of the law of diminishing returns. B.at least one fixed input. C.insufficient time for firms to enter or leave theindustry. D.the ability of the firm to change its plant size.

Explanation / Answer

1.)The amount of the calendar time associated with the longrun: A.is less than that associated wit the immediate marketperiod. B.varies from industry to industry- Ibelieve this one various with industry, not 100% sure C.is the same for all firms. D.is the year by definition. 2.)The long run is characterized by: A.the relevance of the law of diminishing returns. B.at least one fixed input. C.insufficient time for firms to enter or leave theindustry. D.the ability of the firm to change itsplant size.- cannot be achieved in the shortrun

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