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The long run refers to a time period during which a firm is able to purchase all of its inputs, including its plant and equipment. long enough for a firm to pay all of its creditors in full. long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. long enough for a firm to change the use of its variable inputs. 

          The long run refers to a time period
during which a firm is able to purchase all of its inputs, including its plant and
equipment.
long enough for a firm to pay all of its creditors in full.
long enough for a firm to vary all of its inputs, to adopt new technology, and change
the size of its physical plant.
long enough for a firm to change the use of its variable inputs.
Show more…
The long run refers to a time period during which a firm is able to purchase all of its inputs, including its plant and equipment. long enough for a firm to pay all of its creditors in full. long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. long enough for a firm to change the use of its variable inputs.

Added by Philip L.

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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The long run refer during which a firm is able to purchase all of its inputs, including its plant and equipment. long enough for a firm to pay all of its creditors in full. long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. long enough for a firm to change the use of its variable inputs. The long run refer to a time period during which a firm is able to purchase all of its inputs, including its plant and equipment. long enough for a firm to pay all of its creditors in full. long enough for a firm to vary all of its inputs, to adopt new technology,and change the size of its physical plant. long enough for a firm to change the use of its variable inputs
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Transcript

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00:01 Here for the solution the answer is option a option a is the answer and here for the explanation in long run firms have enough time to expand or contract their capacities to cope with market situation moreover total number of firms in an industry may increase or decrease as there is no restriction on entry…
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