Asked by
Jessie Foster
on Oct 27, 2024
Verified
In the long run:
A) all factors are fixed.
B) all factors are variable.
C) production choices are more limited than in the short run.
D) production is always greater than zero.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to changes.
Variable Factors
Inputs to production that can be adjusted in the short term, such as labor and raw materials.
- Differentiate between the concepts of short-term and long-term within the framework of production expenses.
Verified Answer
CC
Learning Objectives
- Differentiate between the concepts of short-term and long-term within the framework of production expenses.