Answer: Long run
Explanation:
The long-run is a period of time when all factors of production and the costs are variable. When firms are in the long run, they are able to adjust all costs. Also, a firm should expect competition in the long run.
In the long run, supply is elastic because a given percentage change in price will lead to a larger change in the quantity supplied of the good. A producer is flexible in his or her decisions on production.
