Asked by
Grace Vickers
on Nov 25, 2024
Verified
Which of the following represents a long-run adjustment?
A) A farmer uses an extra dose of fertilizer on his corn crop.
B) Unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants.
C) A steel manufacturer cuts back on its purchases of coke and iron ore.
D) A supermarket hires four additional clerks.
Long-Run Adjustment
A process in which firms adjust their inputs and outputs to achieve the optimal level of production and efficiency over an extended period.
Farmer
An individual engaged in the activity of agriculture, aiming to produce crops and raise livestock for consumption or sale.
- Recognize the contrast between short-term and long-term frameworks in economic thought and their implications for business strategy development.
Verified Answer
SM
Learning Objectives
- Recognize the contrast between short-term and long-term frameworks in economic thought and their implications for business strategy development.