Question

Q. At which time all the factors of production may be changed?
(a) short run
(b) long run
(c) very long run
(d) all of three​

Answer 1

Answer:

May be

Long run...

Explanation:

{Please do not report if the answer is wrong,}

Answer 2

Answer:

(b) In the long run all the factors of production may be changed.

Explanation:

In the long run, all of the major components of production are variable.

• The company has enough time to expand its factory and respond to changing demand.
• Prices have time to change. For example, there might be a short spike in pricing, but expanding supplies will be able to match it in the long run.
• A company can also enter or exit a market.  
• Price elasticity of demand can fluctuate over time - for example, people may become more sensitive to price changes over time, but in the short run, people will continue to buy a product they are familiar with.
• The company has enough time to construct a larger factory.
• The long run could be anything from six months to a year.