The short-run is best defined as the time period in which:
A) all inputs to production can be varied
B) the amount of output cannot be varied
C) one or more inputs to production are fixed
D) the marginal cost of production is low
E) all inputs to production remain fixed

Question

Quizplus · Accepted Answer

In the short-run, at least one input to production is fixed while others can be varied. This means that the amount of output produced can be increased or decreased by changing the variable inputs, but the fixed input(s) remains the same. Therefore, choice C is the correct definition of the short-run.

The Short-Run Is Best Defined as the Time Period in Which