The short run refers to a time period
A)of one year or less.
B)in which all factors of production are variable.
C)in which all factors of production are fixed.
D)in which some factors of production are variable, but at least one factor of production is.
E)in which all factors of production are variable, but the technology is fixed.

Question

Quizplus · Accepted Answer

In the short run, some factors of production are variable, but at least one factor of production is fixed. For example, a factory might be able to adjust its output by changing how much labor it uses, but it cannot easily change the amount of capital equipment it has. The short run is thus defined by the presence of a fixed factor of production.

The Short Run Refers to a Time Period