Which of the following is a characteristic of the long run?
A)there are fixed inputs.
B)all inputs can be varied.
C)plant capacity cannot be increased or decreased.
D)there are both fixed and variable inputs.

Question

Quizplus · Accepted Answer

In the long run, all inputs can be varied, which means that there are no fixed inputs. The purpose of the long run is to make all inputs variable so that firms can adjust their production levels to achieve maximum efficiency and profit. Therefore, only choice B accurately describes the characteristic of the long run. Choices A, C, and D are incorrect based on this explanation.

Which of the Following Is a Characteristic of the Long