8 The long-run is a period of time in which: (a) The firm is able to maximise

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8 The long-run is a period of time in which:

(a) The firm is able to maximise total profit

(b) The firm may want to build a bigger plant, but cannot do so

(c) The firm can hire all the workers that it wants to employ, but it does not have sufficient time to buy more equipment

(d) The quantities of all inputs can be varied.

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