3. Which of the following most accurately describes the long-run period? A. The

Question

3. Which of the following most accurately describes the long-run period?
A. The long run is a period of time in which a firm is unable to vary some of its factors of production.
B. In the long run, the firm is able to expand output by utilizing additional workers and raw materials, but not physical capital.
C. The long run is of sufficient length to allow a firm to alter its plant capacity and all other factors of production.
D. The long run is of sufficient length to allow a firm to transform economic losses into economic profits.
E. Both a. and b. most accurately describes the long-run period.

Explanation / Answer

C. The long run is of sufficient length to allow a firm to alter its plant capacity and all other factors of production.

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