Question: Which statement best characterizes the long run? a. It is a period in which a firm can adjust only some of its inputs. b. The

Which statement best characterizes the long run?

a. It is a period in which a firm can adjust only some of its inputs.

b. The length of time is identical from industry to industry.

c. It is a period in which all costs are variable costs.

d. It is a period in which all costs are fixed costs.

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