As defined in the text, the long run is a planning period:
A) over which a firm can consider all factors of production as variable.
B) that is at least 5 years in length.
C) that must be over 6 months in length.
D) that must be between 6 months and 5 years.

Question

Quizplus · Accepted Answer

The long run is a planning period in which all factors of production are considered variable, meaning a firm can adjust or change any input used in production. The length of the long run is not specified, but it is typically longer than the short run (where at least one factor of production is fixed). Therefore, options B, C, and D are incorrect.

As Defined in the Text, the Long Run Is a Planning