The long run is a time period during which:
A) all inputs are semivariable.
B) all inputs except capital and entrepreneurship are variable.
C) average variable costs are strictly less than average total cost.
D) all inputs are quasivariable.
E) all inputs are variable.

Question

Quizplus · Accepted Answer

In the long run, all inputs are variable, meaning that a firm can adjust its usage of all inputs, including labor, capital, and materials. This is in contrast to the short run, where at least one input (usually capital) is fixed.

The Long Run Is a Time Period During Which