The time period during which all factors of production can be varied is the
A) production time.
B) calendar year.
C) long run.
D) short run.

Question

Quizplus · Accepted Answer

The long run refers to the time period during which all factors of production can be varied, including both fixed and variable costs. In the short run, only some factors of production can be varied, while others remain fixed. Therefore, choice C is the best answer.

The Time Period During Which All Factors of Production Can