The amount of calendar time associated with the long run
A) is less than five years.
B) is greater than one year.
C) is between one and five years.
D) varies by industry.

Question

Quizplus · Accepted Answer

The long run in economics is a period during which all factors of production and costs are variable. The specific duration can vary significantly depending on the industry and the nature of the business.

The Amount of Calendar Time Associated with the Long Run