The long run is a time period that is
A)five years or longer.
B)long enough to change the amount of labor employed.
C)long enough to change the size of the firm's plant and all other inputs.
D)long enough to change the amount of labor employed but not to change the size of the plant.
E)None of the above answers describe the long run.

Question

Quizplus · Accepted Answer

The long run is a time period long enough to change the size of the firm's plant and all other inputs, which includes changes in the amount of labor employed. The other answer choices are either too short or do not encompass all the possible changes in inputs during the long run.

The Long Run Is a Time Period That Is