The long-run is a time frame in which
A) the quantities of all resources can be varied.
B) the quantities of some resources are fixed and the quantities of other resources can be varied.
C) all costs are sunk costs.
D) the quantities of all resources are fixed.
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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.
A) the quantities of all resources can be varied.
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