The amount of calendar time associated with the long run
A)is less than that associated with the immediate market period.
B)varies from industry to industry.
C)is the same for all firms.
D)is, by definition, any length of time greater than one year.

Question

Quizplus · Accepted Answer

The long run is a period in which all factors of production and costs are variable, and the length of this period can vary significantly from one industry to another depending on the nature of the business, the technology used, and other factors. There is no fixed time frame that defines the long run; it is context-dependent.

The Amount of Calendar Time Associated with the Long Run