Practice mode Profit Maximizing Under Perfect Competition And Monopoly

Which statement correctly describes the long run in economics?

Correct answer B. There are no fixed factors of production

Explanation

The long run is defined as a period long enough for a firm to adjust every input, including plant size and capital, so no factor of production remains fixed.

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Which statement correctly describes the long run in economics?

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Which statement correctly describes the long run in economics?

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