The long run is a period during which a firm?

Assessment: JAMB UTME - Economics - 2001 Subject: Economics

Question 1 Report

The long run is a period during which a firm?
Answer Details
The long run is a period of time during which a firm can vary all its inputs, including its plant and equipment, and make any desired adjustments to its production process. In the long run, a firm can enter or exit the market, change the size of its factory, hire or lay off workers, and make changes to its production technology. This allows a firm to fully adapt to changes in the market, and make the necessary adjustments to maximize profits.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on The Theory Of Production (JAMB)
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