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Economics (AS & A Level) · Feb / March 2023 · Paper 12 · Question 2

9708Types of cost, revenue and profit, short-run and long-run production

What is the definition of long run?

  1. Athe time period when all factors of production are specialised
  2. Bthe time period when all factors of production are variable
  3. Cthe time period when all key inputs into production are variable
  4. Dthe time period when at least one factor of production is fixed

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Correct answer: B. the time period when all factors of production are variable

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