The period of time over which the firm can vary any of its inputs for a given production technology is called the
A)short run.
B)very- long run.
C)long run.
D)very- short run.
E)immediate run.

Question

Quizplus · Accepted Answer

The long run is the period of time over which the firm can vary any of its inputs for a given production technology. In the long run, all inputs are variable, unlike in the short run, where at least one input is fixed. The very-long run and very-short run are not commonly used terms in economics. The immediate run is not a recognized concept in economics.

The Period of Time Over Which the Firm Can Vary