'In economics, the 'long run' is any period of time greater than 1 year'

Business Dec 28, 2020

'In economics, the 'long run' is any period of time greater than 1 year'. Agree or disagree with this statement and explain your reasoning.

Expert Solution

Yes, we agree that long period is a time in which the time period is greater than one. It is the period of time in which all factors are variables and no factor is fixed. It shows that production increases by using both labor and capital.

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