Question

The time period in which the capacity of a plant can be varied ______.

Options

• short period

• market period

• long period

• all of these

Answer 1

The time period in which the capacity of a plant can be varied long period.

Explanation:

The capacity of a plant refers to its scale of production and fixed infrastructure (like factories, land, and heavy machinery). In microeconomics, these fixed inputs can only be expanded, modified, or varied during the long period (or long run), a time horizon extensive enough that all production factors become completely variable.