Asked by
Nolan Bemiss
on Oct 12, 2024
Verified
In the long run,
A) a firm can shut down,but it cannot exit the industry.
B) there are no fixed factors of production.
C) a firm can vary all inputs,but it cannot change the mix of inputs it uses.
D) None of the choices are correct.
Inputs
Resources such as labor, materials, and capital that are used in the production process to create goods or services.
- Understand the principles of decision-making in the short term and the long term within business contexts.
- Discern the situations in which a business decides to persist, halt operations, or withdraw from the sector.
Verified Answer
SG
Learning Objectives
- Understand the principles of decision-making in the short term and the long term within business contexts.
- Discern the situations in which a business decides to persist, halt operations, or withdraw from the sector.