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JAMB Economics 1994 Question 14

Question 14

Theory of Costs and Revenue

In the long run, all production factors are

  1. A.fixed
  2. B.semi-fixed
  3. C.variable
  4. D.semi-variable
Show the answer and explanation

Answer: C (variable)

Explanation

The long run is a period long enough for the firm to change the quantity of every factor.