Asked by
changle jiang
on Dec 05, 2024
Verified
In the long run,some of a firm's costs are fixed,while others are variable.
Long Run
A period in which all factors of production and costs are variable, allowing for adjustment to changes.
Fixed
In economics, pertains to costs that do not change with the level of output or production, such as rent, salaries, and insurance.
Variable
A quantity that can take on more than one value.
- Pinpoint the distinctions regarding input variability between short and long run periods.
Verified Answer
MP
Learning Objectives
- Pinpoint the distinctions regarding input variability between short and long run periods.