The long run is a period that is:
A)long enough to vary the quantities of all factors of production.
B)long enough to vary all factors of production except for the amount of capital available.
C)more than one month.
D)at least one year.

Question

Quizplus · Accepted Answer

The long run is a period of time when all factors of production are variable, including the quantities of all factors. This allows firms to adjust their inputs to achieve the most efficient production process. B is incorrect because in the long run, firms can vary the amount of capital available as well as other inputs. Option C and D are incorrect because the length of time that constitutes the long run is not defined by a specific period, but rather by the ability to vary all inputs.

The Long Run Is a Period That Is