Asked by
Hannah Clarke
on Dec 17, 2024
Verified
There is general agreement among economists that the long-run time period exceeds one year.
Long-Run Time Period
A duration in economics where all factors of production and costs are variable, allowing for complete adjustment.
- Contrast the characteristics of short-run and long-run durations in the framework of production and cost analysis.
Verified Answer
LS
Learning Objectives
- Contrast the characteristics of short-run and long-run durations in the framework of production and cost analysis.