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

Question

Quizplus · Accepted Answer

In the short run, at least one significant factor of production is fixed, meaning that it cannot be varied. This can include things like a factory's physical size or the number of specialized workers employed. Other factors, however, can still be adjusted, such as the amount of raw materials used or the number of non-specialized workers employed. The short run is typically defined as a period of time less than one year.

With Regard to Economic Decision Making for Firms,the Short Run