The long run is a period of time: a. that is too short to change ...

[elizabeth18]

The long run is a period of time:
 a. that is too short to change the size of a firm's plant.
  b. that is long enough to permit changes in all the firm's inputs, both fixed and variable.
  c. in which production occurs beyond one year.
  d. in which production occurs beyond five years.

Question 2

A period of sustained growth in output in an economy is referred to as a(n) _____.
 a. expansion
 b. contraction
  c. peak
 d. trough
 e. recession

[katieost]

Answer to Question 1

b

Answer to Question 2

a

[elizabeth18]

Thanks for the timely response, appreciate it

[patma1981]

Gracias!