The long run is a period of
A) at least one year.
B) sufficient length to allow a firm to expand output by hiring additional workers.
C) sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
D) sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.

Question

Quizplus · Accepted Answer

The long run is defined as a period in which all factors of production, including plant size and capacity, can be varied by the firm.

The Long Run Is a Period of