The short run is any period of time less than one year,while the long run refers to a period of time one year or more in length.

Question

Quizplus · Accepted Answer

The distinction between the short run and the long run in economics is not strictly defined by a specific duration of time, such as one year. Instead, the short run is characterized by at least one fixed input or factor of production, while in the long run, all factors of production are variable.

The Short Run Is Any Period of Time Less Than