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The long run is a period when

Economics
WAEC 2016

The long run is a period when

  • A. only the variable factors can be altered
  • B. all factors become variable
  • C. the firm will cease to exist
  • D. only the fixed factors can be altered
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Correct Answer: Option B
Explanation

The long run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs

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