Asked by
Sandra Tomlin
on Oct 27, 2024Verified
In economics,the short run is defined as:
A) less than 1 year.
B) less than 6 months.
C) the period in which some inputs are considered to be fixed in quantity.
D) the period in which some inputs are fixed,but it cannot exceed 1 year.
Short Run
A period in economics during which at least one input is fixed and cannot be changed, limiting the ability of a firm to adjust to market changes.
Fixed Inputs
Resources used in the production process whose quantity cannot easily be changed in the short run, such as buildings and machinery.
- Understand the concept of short and long run in economics and their implications on inputs.
Verified Answer
KF
Learning Objectives
- Understand the concept of short and long run in economics and their implications on inputs.