Question on: WAEC Economics - 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 Option: B
TheĀ long runĀ is a period of time in which all factors of production and costs are variable. In theĀ long run, firms are able to adjust all costs
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