Asked by
Kiele Bryant
on Dec 11, 2024Verified
The long run is a period of
A) at least one year.
B) sufficient length to allow a firm to expand output by hiring additional workers.
C) sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
D) sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust to market conditions.
Plant Size
The physical capacity or scale of a manufacturing facility, which can influence production output and operational efficiency.
Factors Of Production
The resources used in the creation of goods or services, traditionally categorized into land, labor, capital, and entrepreneurship.
- Acquire knowledge about the concept of short-run production and its influence on the structure of costs.
Verified Answer
HP
Learning Objectives
- Acquire knowledge about the concept of short-run production and its influence on the structure of costs.