Final answer:
Decisions that have a long-term impact on a firm are considered strategic. These involve high-level planning that can include market expansion and capital investments, influenced by the long-run period where all costs are variable.
Step-by-step explanation:
Decisions that have a long-term impact on the firm are strategic. Strategic decisions involve high-level planning that shapes the direction of the firm and its operations over the long run. In contrast to tactical and operational decisions, which are short-term and often routine, strategic decisions may include expansion into new markets, significant capital investments, and alterations to the company's overall business model. These decisions are informed by the period in business known as the long run, during which all costs become variable, allowing firms to adjust all factors of production and not be bound by previous commitments such as leases on physical spaces.