The long run is a planning period:
A) over which a firm can consider all inputs as variable.
B) of at least 5 years.
C) of more than 6 months.
D) of 6 months to 5 years.

Question

Quizplus · Accepted Answer

The long run is a planning period over which a firm can consider all inputs as variable. In the long run, a firm can adjust all its inputs, including its plant size and capacity, to optimize its production and minimize its costs. There is no fixed time frame for the long run, as it may vary depending on the industry and the firm's objectives.

The Long Run Is a Planning Period