Asked by
Sally Elghdaf
on Oct 27, 2024Verified
In the short run:
A) all inputs are fixed.
B) all inputs are variable.
C) some inputs are fixed and some inputs are variable.
D) all costs are variable.
Short Run
A time period in economics during which at least one factor of production is considered fixed, limiting the ability of the economy or firm to adjust to changes.
Fixed Inputs
Inputs in the production process that cannot be easily increased or decreased in the short run, such as land or machinery.
Variable Inputs
Resources used in production that can vary in quantity in the short run, such as labor and raw materials.
- Gain insight into the correlation between stable and variable factors.
Verified Answer
DM
Learning Objectives
- Gain insight into the correlation between stable and variable factors.