The short run is a period of time in which
A) the quantities used of all factors of production are fixed.
B) the quantity used of at least one factor of production is fixed.
C) factor of production prices are fixed.
D) output prices are fixed.

Question

Quizplus · Accepted Answer

In the short run, at least one factor of production (such as capital) is fixed, while others (like labor) can be varied to change the level of output. This contrasts with the long run, where all factors of production are variable.

The Short Run Is a Period of Time in Which