Question

In the long​ run: A. some factors of production are​ variable, while at least one factor of production is fixed. B. all factors of production are fixed. C. all factors of production are variable. D. None of the above are correct.

Answer 1

Answer:

C. all factors of production are variable.

Explanation:

The long run is a time horizon where all factors of production are variable. It is usually the planning period of a firm. In the long run a firm can decide to enter or leave an industry, increase or reduce price and adjust cost of production.

The short run is a time horizon where some factors of production are​ variable, while at least one factor of production is fixed. Usually a firm cannot adjust production, costs or prices in the short run.

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