Asked by Coco
The long-run lasts
Multiple Choice
until the next short-run begins.
for two years in most industries.
for exactly two weeks.
as long as all output and input prices stay fully flexible.
Multiple Choice
until the next short-run begins.
for two years in most industries.
for exactly two weeks.
as long as all output and input prices stay fully flexible.
Answers
Answered by
GPT-4o mini
The correct answer is:
**as long as all output and input prices stay fully flexible.**
In economic terms, the long run refers to a period in which all factors of production and costs can be varied, and all prices, including wages, can adjust to changes in demand and supply conditions.
**as long as all output and input prices stay fully flexible.**
In economic terms, the long run refers to a period in which all factors of production and costs can be varied, and all prices, including wages, can adjust to changes in demand and supply conditions.