Final answer:
The long run is the time period during which a firm can adjust all the resources it employs, including plant capacity. In this period, firms can optimize their operations and maximize profits by adjusting factors of production such as labor, capital, and technology.
Step-by-step explanation:
In economics, the time period during which a firm can adjust the quantities of all the resources it employs, including plant capacity, is known as the long-run.
In the long run, firms are able to adjust all factors of production, such as labor, capital, and technology, to optimize their operations and maximize profits.
This is in contrast to the short run, where firms have fixed inputs that cannot be easily adjusted.