The long-run refers to:
A)a time period of one year or more.
B)the time period in which all inputs are variable.
C)the time period in which it is too costly to change the usage of at least one input.
D)a time period when marginal returns are diminishing.

Question

Quizplus · Accepted Answer

In the long-run, all inputs are variable, meaning firms can adjust their usage of labor, capital, and other resources as needed. This is in contrast to the short-run, where at least one input is fixed and cannot be changed. The specific time period that constitutes the long-run can vary depending on the industry and the specific factors of production involved.

The Long-Run Refers To