In economics, how long is the long run?
A) More than 12 months
B) 24 months or longer
C) 5 years or more
D) Whatever time it takes a firm to vary all inputs

Question

Quizplus · Accepted Answer

In economics, the long run is defined as the period of time in which all inputs can be varied by a firm. This could be a different length of time for each firm and may vary depending on the industry or market conditions. Therefore, option D, "Whatever time it takes a firm to vary all inputs" is the most appropriate choice. The other options (A, B, and C) are arbitrary timeframes and do not accurately define the long run in economics.

In Economics, How Long Is the Long Run