Question

What does one mean by LONG RUN in civics...?​

Answer 1

Answer:

A long run is a period of time in which all factors of production and costs are variable. When the long-run average cost (LRAC) falls, is means output is increasing.

Answer 2

$\huge\boxed{\fcolorbox{white}{pink}{AnsweR}}$

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