You are an entrepreneur and you have opened a restaurant in a nice area of town. Discuss at least 2 long run decisions that you need to make about the business. What are at least 2 factors that will drive your decision?© BrainMass Inc. brainmass.com October 10, 2019, 3:01 am ad1c9bdddf
The long run is defined as a period of time over which all factors of production are variable. In the long run you can do anything with your business: remodel your restaurant, buy and sell capital goods like tables and chairs, move to a ...
This solution gives a brief definition of the terms 'long run' and 'short run', gives examples of long-run decisions that must be made by a restaurant entrepreneur, and discusses factors that will drive those decisions.