Question

All cost are variable in long run” Explain
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Answer 1

Answer:

The long-run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels.

Explanation:

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Answer 2

Answer: The long-run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels.

Explanation: In the long run, firms can choose their production technology, so all costs become variable costs. Economies of scale refer to a situation where the average cost decreases as the level of output increases.