Which of the following timeframes defines the firm's long run?
The long run is the timeframe in which

Question

Which of the following timeframes defines the firm's long run? 
 The long run is the timeframe in which

Answer

the quantities of all factors of production can be varied.

Answer

the firm hires the workers it wants, but has a fixed quantity of equipment.

Answer

the firm maximizes total revenue.

Answer

the firm may want to build a bigger plant, but cannot do so.

Answer

the firm achieves economic efficiency.

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