With regard to economic decision making for firms, the short run is
A) a period over which the quantities of all factors of production and technology are variable.
B) a definite number of months.
C) a period over which the quantity of at least one significant factor of production is fixed.
D) less than one year.
E) a period over which the quantities of all factors of production are variable but technology is fixed.

Question

Quizplus · Accepted Answer

In the short run, at least one significant factor of production (such as factory space or specialized equipment) is fixed, while other factors (like labor and raw materials) can be varied. This means that firms have limited flexibility in their production decisions, and may not be able to easily increase output or decrease costs.

With Regard to Economic Decision Making for Firms, the Short