In economics, how long is the long run?O 5 years or moreMore than 12 monthsO 24 months or longerWhatever time it takes a firm to vary all inruts.

Mainly, there are two types of run in economics. 1. Long run 2. Short runThe correct answer is option d. Whatever time it takes a firm to vary all inputs Short run- It is the run in which the inputs of production are not flexible/variable. Inputs are fixed in the short run. Long run- It is the run in which all the inputs of production are flexible. The inputs in the long run can adjust or vary i.e. they are not fixed. Long run cannot be defined in number of days, months and years. It just mean that the inputs of production can vary or are not fixed in the long run. All the inputs are variable in the long run. So, long run is whatever time it takes a firm to vary all inputs. Thus, option d. is correct. Other options are not correct because long run cannot be defined in time period i.e. in days, months or years.

Answered: In economics, how long is the long run?…

Business

Economics

In economics, how long is the long run? O 5 years or more O More than 12 months O 24 months or longer Whatever time it takes a firm to vary all inruts.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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