Asked by Courtney Cridland on Jul 16, 2024
Verified
The long run is a period of more than one year.
Long Run
A period sufficient for all inputs to production, including capital, to be varied.
- Identify the distinctions between short-run and long-run periods within perfectly competitive markets.
Verified Answer
ZS
zaidoon sulaimanJul 22, 2024
Final Answer :
False
Explanation :
The long run refers to a period in which all factors of production and costs are variable, and firms can adjust all inputs. It is not strictly defined by a specific duration such as one year.
Learning Objectives
- Identify the distinctions between short-run and long-run periods within perfectly competitive markets.