In economics,the long run is considered to be
A)The time period when all costs are variable.
B)The time period when all costs are explicit.
C)One year.
D)More than two years.

Question

Quizplus · Accepted Answer

In the long run, all costs are variable, meaning that there is enough time for a firm to adjust all of its inputs, including capital and labor. This is in contrast to the short run, where at least one input, usually capital, is fixed. The time frame of the long run can vary depending on the industry and the firms involved, but generally, it is considered to be more than one or two years. Hence, option A is the best choice.

In Economics,the Long Run Is Considered to Be