QUESTION 20 The long run is a planning period: a. less than five years. b. less than one year. c. less than six months. d. during which the firm can vary its plant size.
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In economics, the long run is defined as a period of time during which all factors of production and costs are variable. This means that the firm has enough time to adjust its inputs, including plant size, to maximize its profits or minimize its costs. Show more…
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