The basic characteristic of the short run is that
A)barriers to entry prevent new firms from entering the industry.
B)the firm does not have sufficient time to change the size of its plant.
C)the firm does not have sufficient time to cut its rate of output to zero.
D)a firm does not have sufficient time to change the amounts of any of the resources it employs.

Question

Quizplus · Accepted Answer

In the short run, firms can adjust the amount of labor and materials they use but cannot change their plant size or capacity, which requires a longer time frame.

The Basic Characteristic of the Short Run Is That