Which of the following situations defines the firm's long run?
The long run refers to a time period in which

Question

Which of the following situations defines the firm's long run? 
 The long run refers to a time period in which

Answer

the quantity of labour is variable, but the plant size is fixed.

Answer

the plant size is fixed for at least 5 years.

Answer

the quantity of capital is fixed.

Answer

all factors of production are variable.

Answer

there is at least one fixed factor of production.

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