As defined in the text,the long run is a planning period:
A) in which a firm can adjust all resources.
B) that is at least 5 years long.
C) during which the firm must increase sales to stay in business.
D) in which variable resources become fixed.

Question

Quizplus · Accepted Answer

The long run is a planning period in which a firm can adjust all resources, including fixed resources such as capital and plant size. The length of the planning period can vary depending on the industry and market conditions, and it is not necessarily a specific length of time such as 5 years. The goal of the long run planning period is typically to achieve long-term profitability and sustainability rather than just increasing sales to stay in business. Variable resources do not become fixed in the long run, but rather the firm can adjust both fixed and variable resources to achieve its goals.

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