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WAEC Economics 2016 Question 19

Question 19

Theory of Production

The long run is a period when

  1. A.only the variable factors can be altered.
  2. B.all factors become variable.
  3. C.the firm will cease to exist.
  4. D.only the fixed factors can be altered.
Show the answer and explanation

Answer: B (all factors become variable.)

Explanation

In the long run every factor can be changed.