The long run is
A) over one year.
B) over five years.
C) when all factors of production are fixed.
D) the time period in which all factors of production can be varied.

Question

Quizplus · Accepted Answer

The long run is the time period in which all factors of production can be varied, meaning that no input is fixed. The specific duration of the long run is not defined, making choices A and B incorrect. Choice C is incorrect as well because the long run is characterized by no fixed factors of production, while the short run allows for fixed factors.

The Long Run Is