The time it takes for a firm to reach the long run depends on the firm and the products it makes.

Question

Quizplus · Accepted Answer

The long run refers to the period of time in which all inputs can be adjusted, and the firm can make changes to production processes and its level of capital investment. The length of the long run will vary depending on the specific firm and the products it produces. Factors that may influence the length of the long run include the complexity of the production process, the level of capital investment required, and the extent to which the firm can easily adjust its inputs.

The Time It Takes for a Firm to Reach the Long