Choose the correct statement.
A)The long run is a period of time in which the quantity of at least one input is fixed.
B)The short run is a period of time in which the firm has sufficient time to change all its inputs.
C)The long run is a time frame that lasts for 10 years.
D)In the short run,the firm's plant is fixed.
E)A firm always has plenty of time to make decisions about changing its inputs no matter if it is in a short run or long run position.

Question

Quizplus · Accepted Answer

In the short run, at least one input (usually the plant or capital) is fixed and cannot be changed.

Choose the Correct Statement