Question: If a firm's commitments in 2011 include machinery that will need replacement in five years, a factory building rented for 12 years, and a three-year

If a firm's commitments in 2011 include machinery that will need replacement in five years, a factory building rented for 12 years, and a three-year union contract specifying how many workers it must employ, when, from its point of view in 2011, does the firm's long run begin?

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