WAEC Economics 2016 Objective — Question 19
Question 19 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.
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19. The long run is a period when (a) only the variable factors can be altered (b) all factors become variable (c) the firm will cease to exist (d) only fixed factors can be altered
- A. only the variable factors can be altered
- B. all factors become variableCorrect
- C. the firm will cease to exist
- D. only fixed factors can be altered
Explanation
Short-term is a period of time in which at least one factor is fixed while long run is a period of time in which all factors are variable.
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