The company has time to adjust the level of all inputs in the long run. The correct response is therefore that the company has time to modify the level of all inputs.
The long run is a time frame during which all aspects of production and cost are flexible. Companies can alter all costs over the long term, but they can only have a short-term impact on prices by altering output levels.
The long run is defined in macroeconomics as the time frame over which the general price level, contractual pay rates, and expectations fully reflect the state of the economy at the time. On the other hand, these elements could not fully adapt in the short term. Additionally, long-run models could differ from short-run equilibrium, when supply and demand are more adaptable to changes in price.
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