Asked by
Ahmad Muneer
on Oct 27, 2024
Verified
In economics,the short run is:
A) less than 1 week.
B) less than 1 month.
C) enough time to vary output but not plant capacity.
D) enough time to change all inputs to production.
Short Run
A period of time in which at least one input in the production process is fixed, influencing decisions made by firms about production levels.
Plant Capacity
Plant capacity refers to the maximum output a manufacturing or production facility can achieve under normal conditions within a given time period.
- Acquire an understanding of the principles of short and long run in economics and how they influence inputs.
Verified Answer
CC
Learning Objectives
- Acquire an understanding of the principles of short and long run in economics and how they influence inputs.