In economics, the short run is the time frame in which the quantities of _______ and the long run is the period of time in which _______.
A) some factors of production are variable; the quantities of all factors of production are fixed
B) all factors of production are fixed; the quantities of all factors of production can be varied
C) all factors of production are variable but technology is fixed; technology is variable
D) some factors of production are fixed; the quantities of all factors of production can be varied

Question

Quizplus · Accepted Answer

In the short run, some factors of production (like capital) are fixed, meaning they cannot be easily changed, while others (like labor) can be varied. In the long run, all factors of production, including capital, technology, and labor, can be adjusted.

In Economics, the Short Run Is the Time Frame in Which