The long run refers to a time period
A)of one year or less.
B)in which all factors of production are variable.
C)in which labour is variable,but plant is fixed.
D)when there is at least one variable factor of production.
E)of at least 5 years.

Question

Quizplus · Accepted Answer

The long run refers to a time period in which all factors of production are variable, meaning that they can be adjusted to achieve maximum efficiency and output. This could include changes to labor, capital equipment, technology, or other resources. The long run is typically seen as a time horizon of several years or more, during which a company can make strategic decisions and investments in order to optimize its operations and competitiveness.

The Long Run Refers to a Time Period