The short-run is:
A)a time period in which all input levels are fixed.
B)a time period in which at least one input level is fixed.
C)three months.
D)a time period in which no input levels are fixed.

Question

Quizplus · Accepted Answer

In the short-run, at least one input level is fixed, while others may be variable. This means that firms cannot easily adjust their production capacity in response to changing market conditions. In the short-run, at least one input level is fixed, while others can be varied to produce output. The term "short-run" does not refer to any specific time period such as three months, and it is not necessary that all input levels are fixed or that no input levels are fixed.

The Short-Run Is