The long run:
A) is a period long enough for every input except plant size to be varied.
B) is a period in which there are no fixed costs.
C) is typically a period of two years.
D) is all of the above.

Question

Quizplus · Accepted Answer

The long run is a period in which there are no fixed costs, as all inputs can be varied, including the size of the plant. Therefore, option B is the correct choice. Options A and C are incorrect because the long run is not defined by a specific length of time, but by the ability to vary all inputs, and thus, there is no fixed time period for the long run. Option D is incorrect because option A is only partially correct and option C is incorrect.

The Long Run