The basic difference between the short run and the long run is that:

A) all costs are fixed in the short run,but all costs are variable in the long run.
B) the law of diminishing returns applies in the long run but not in the short run.
C) at least one resource is fixed in the short run,while all resources are variable in the long run.
D) economies of scale may be present in the short run but not in the long run.

Short Run

A period of time in economics during which at least one factor of production is fixed, limiting the capacity to adjust to changes in demand or market conditions.

Long Run

Describes a period in which all factors of production and costs are variable, allowing for the adjustment of all inputs and technology by firms.

Fixed Resource

Refers to a factor of production that remains constant, regardless of the level of output or activity in the short term.