Answer:
The long run is a period of time in which all factors of production and costs are variable.
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kenyaclyv
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0Concept:
The factors of production are land, labor, capital and entrepreneurs. These factors of production plays an important role in producing goods and services.
Given:
Period in which all factors of production are variable.
To find:
Period in which all factors of production are variable is to find out.
Solution:
The long period is a period in which all factors of production are variable. It means in long run, labor and capital are variable inputs which change the level of production into an economy.
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miahrvgp
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