The short run is defined as a period in which:
A)the firm cannot change its output level
B)all inputs are variable but technology is fixed
C)input prices are fixed
D)at least one resource is fixed

Question

Quizplus · Accepted Answer

The short run is the period in which at least one resource is fixed, meaning that the firm cannot adjust its level of that input. This distinguishes it from the long run, where all inputs are variable and the firm can adjust all of its resources. Therefore, option D is the best choice since it accurately reflects the definition of the short run.

The Short Run Is Defined as a Period in Which