The period of time over which all factors of production and technology are variable is known as the
A)very- long run.
B)short run.
C)very- short run.
D)long run.

Question

Quizplus · Accepted Answer

In the very-long run, all factors of production and technology are variable, which means firms can adjust their physical capital, technology, and labor force without constraints. This is because in the long run, all inputs can be adjusted, unlike the short run where some inputs are fixed.

The Period of Time Over Which All Factors of Production