The long run is a period of time:

Question

Quizplus · Accepted Answer

The long run is a period of time that allows a firm to make changes in all its inputs, including fixed and variable inputs. This period can be longer than one year but does not necessarily have a specific duration, as it depends on the industry and the firm's particular circumstances. Therefore, option B is the most accurate definition of the long run. Option A is incorrect because it implies that the long run is too short to change the size of a firm's plant, which is not necessarily true. Option C and D are incorrect because they specify a specific time duration, which is not always the case for the long run.

The Long Run Is a Period of Time