The long run is best defined as a period of time such that
A) more than one year has passed.
B) more than five years have passed.
C) some prices have adjusted.
D) all prices have adjusted.
E) all firms are maximizing profit.

Question

Quizplus · Accepted Answer

In the long run, all prices have adjusted to changes in the economy, allowing for full flexibility and adaptation to new conditions.

The Long Run Is Best Defined as a Period of Time