The period of time over which the firm can vary any of its inputs for a given production technology is called the
A)very-short run.
B)short run.
C)long run.
D)very-long run.
E)immediate run.

Question

Quizplus · Accepted Answer

The long run is the period of time in which all inputs can be varied, whereas in the short run, at least one input is fixed. The very-short run is a period of time in which outputs cannot be changed at all, and the very-long run is not a commonly used term in economics. The immediate run is not a recognized term in economics. Therefore, the best choice is C, which defines the period of time over which all inputs can be varied.

The Period of Time Over Which the Firm Can Vary