Asked by
Tiara Ojeda-Benson
on Oct 12, 2024
Verified
The basic characteristic of the short run is that
A) a firm does not have sufficient time to change the amounts of any of the resources it employs.
B) the firm does not have sufficient time to cut its rate of output to zero.
C) the firm does not have sufficient time to change the size of its plant.
D) the time frame is sufficient to allow new firms to enter the industry.
Short Run
A period in economics where at least one input (e.g., capital) is fixed, focusing on immediate effects rather than long-term outcomes.
Resources
A broad term for the assets, materials, and inputs used to produce goods and services, including natural, human, and capital resources.
- Differentiate between the short-term and long-term operational decisions regarding costs and inputs.
Verified Answer
CC
Learning Objectives
- Differentiate between the short-term and long-term operational decisions regarding costs and inputs.