The short run is a time frame in which
A)the firm is not able to hire more workers.
B)the amount of output produced is fixed.
C)there is a shortage of most factors of production.
D)at least one factor of production is fixed.
E)there is not enough time to make all of the decisions necessary to maximize profit.

Question

Quizplus · Accepted Answer

In the short run, at least one factor of production is fixed, while others may vary. This means that the firm cannot adjust all inputs to its production process in the short run, and must make decisions based on the fixed input.

The Short Run Is a Time Frame in Which