If it takes one week to obtain a vendor's license and buy a hot dog stand, the week would be considered the long run for the hot dog stand industry.

Question

Quizplus · Accepted Answer

The long run is the period of time in which all factors of production are variable. In this case, the vendor's license and the hot dog stand are both variable factors of production. Therefore, the week it takes to obtain these factors of production is the long run for the hot dog stand industry.

If It Takes One Week to Obtain a Vendor's License