The long run is defined as
A) any time after six months.
B) any time after one year.
C) the period of time when all resources are fixed.
D) the period of time when most (more than 50 percent) resources are variable.
E) the period of time when all resources are variable.

Question

Quizplus · Accepted Answer

In the long run, all resources are considered variable, allowing firms to adjust all inputs and production capacities to meet market demands. This contrasts with the short run, where at least one resource is fixed.

The Long Run Is Defined as