Asked by
Cartavious Smith
on Nov 04, 2024
Verified
For economic analysis, the long run is any period in which all inputs are variable (regardless of the length of time involved).
Long Run
A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market changes.
Inputs
Inputs are the resources such as labor, materials, and capital that are used in the production process to create goods and services.
- Apprehend the differential aspects between temporally proximate and distant intervals as they apply to the operational and strategic decisions of firms.
Verified Answer
CJ
Learning Objectives
- Apprehend the differential aspects between temporally proximate and distant intervals as they apply to the operational and strategic decisions of firms.