Economists call the time after all exit or entry has occurred:
A) the short run.
B) the medium run.
C) the long run.
D) the marginal run.

Question

Quizplus · Accepted Answer

The long run is the time period after all exit or entry has occurred. This is the period when firms can adjust all their inputs, including capital and labor, in response to changes in market conditions. In contrast, the short run is a period when at least one input (usually capital) is fixed, while the medium run refers to a period when all inputs can be adjusted, but not as freely as in the long run. The marginal run is not a commonly used term in economics.

Economists Call the Time After All Exit or Entry Has