With regard to economic decision making for firms, the long run is a period in which
A) technology is variable.
B) all factors of production are variable but technology is fixed.
C) technology may be variable, but some factors of production are fixed.
D) only some of the factors of production are variable.
E) only capital is variable.

Question

Quizplus · Accepted Answer

In the long run, all factors of production are variable but technology is fixed. This means that firms can adjust their inputs of labor, capital, and materials, but they cannot change the level of technology they are using. This allows firms to make more informed decisions about their production processes and investment strategies, as they can plan for changes in input prices and other variables that may impact their profitability over time.

With Regard to Economic Decision Making for Firms, the Long