Final answer:
The statement about an estate for years being a specified period of time, such as a one-year lease, is true. In terms of business management, the long run is when a company can change all production factors and make strategic decisions on operations, such as moving to a new location.
Step-by-step explanation:
An estate for years is indeed a type of leasehold estate in property law where the tenant has the right to possess property for a pre-determined, fixed period of time. This can range from one year to any other specific period outlined in a lease agreement. So, the statement that an estate for years is an estate for a specified period of time, e.g., a one year lease, is true.
In the context of business and economics, the concept of the long run is a period when all factors of production and costs are variable. Businesses can adjust all inputs and outputs to the levels that maximize efficiency and profitability. For example, a shop owner with a one-year lease on a pizza restaurant might consider a move to a different location after the lease expires, exploring different sizes or locations in the long run to better serve their customers or cut costs.