The long run is a planning period:
A)over which a firm can consider all inputs as variable.
B)of at least five years.
C)of more than six months.
D)of six months to five years.

Question

Quizplus · Accepted Answer

The long run is a planning period over which a firm can consider all inputs as variable, meaning all factors of production can be adjusted. It does not have a specific time frame, but rather refers to the period in which a firm can make significant changes to its inputs in order to optimize its production process.

The Long Run Is a Planning Period