Question

In economic, "the long run" is referred to as

(1) a period in which the amount of labour are fixed
(2) a period in which the amount of capital are variable
(3) a period in which the amount of all factors of production can be changed
(4) a period in which the amount of all factors of production are fixed

Answer 1

(3) a period in which the amount of all factors of production can be changed