A planning period during which all of a firm's resources are variable is the:
A)long run.
B)fixed run.
C)short run.
D)nominal run.

Question

Quizplus · Accepted Answer

In the long run, all of the firm's resources including capital, labor, and technology are variable and can be adjusted to meet the changing demands and conditions of the market. This is in contrast to the short run, where some resources are fixed and cannot be easily changed. The term "fixed run" and "nominal run" are not commonly used terms in economics.

A Planning Period During Which All of a Firm's Resources