The long run
A) means a long period of time, always longer than a year.
B) is a period of time in which all factors of production can be varied.
C) is different for different firms.
D) Both answers B and C are correct.

Question

Quizplus · Accepted Answer

In the long run, all factors of production can be varied, and the duration of the long run can differ between firms depending on their specific circumstances and industry.

The Long Run