Asked by
Clarissa Marie
on Oct 27, 2024
Verified
In the long run:
A) all inputs are fixed.
B) inputs are neither variable nor fixed.
C) at least one input is variable and one input is fixed.
D) all inputs are variable.
Long Run
A period of time in economics wherein all inputs and factors of production can be varied, with no fixed factors.
Variable Inputs
Resources or factors of production that can be adjusted in the short run to meet changes in demand.
- Comprehend the notion of short and long run within economics and their effects on inputs.
- Distinguish between different types of inputs and their variability in the short and long run.
Verified Answer
RE
Learning Objectives
- Comprehend the notion of short and long run within economics and their effects on inputs.
- Distinguish between different types of inputs and their variability in the short and long run.