As defined in the text, the long run is a planning period:
A)in which a firm can adjust all resources.
B)that is at least 5 years in length.
C)during which the firm must experience an increase in sales in order to stay in business.
D)in which variable resources become fixed

Question

Quizplus · Accepted Answer

The long run is a planning period in which a firm can adjust all of its resources, including both fixed and variable resources. This allows the firm to make more substantial changes to its operations, such as expanding or reducing its production capacity. There is no set time frame for the long run, as it can vary depending on the industry and the specific needs of the firm.

As Defined in the Text, the Long Run Is a Planning