The long run is best defined as a time period during which all inputs can be varied. during which at least one input cannot be changed. during which prices of other goods change. that is longer than one year. One thing that distinguishes the short run and the long run is the existence of variable costs. the existence of at least one fixed input. opportunity costs. the number of months considered.

Phoenix guitars is interested in pursuing backward integration to take greater ownership of the extraction of raw materials and production of components used in its signature line of guitars. although this approach would lower the overall cost of producing a guitar, the costs associated with producing electronic pickupsfor sound amplification are far greater than those associated with sourcing pickups from a reliable supplier. which of the following approaches is likely to produce superior results? a) invest in vertical integration despite the cost of producing pickups. b) abandon the idea of vertical integration entirely. c) pursue taper integration. d) introduce a budget line of guitars to diversify the firm's offerings.