How do economists define the time period known as the long run? ...

[bobypop]

How do economists define the time period known as the long run?
 
  What will be an ideal response?

Question 2

A marginal external cost is the cost of producing an additional unit of a good that falls on the producer.
 
  Indicate whether the statement is true or false

[medine]

Answer to Question 1

The long run is the period of time for which there are no fixed factors of production. Firms can increase or decrease their scale of operation, and firms can enter or exit the industry.

Answer to Question 2

FALSE

[bobypop]

Thanks for the timely response, appreciate it

[apple]

Great answer, keep it coming