To economists, the main differences between "the short run" and "the long run" are that
A)the law of diminishing returns applies in the long run, but not in the short run.
B)in the short run all resources are fixed, while in the long run all resources are variable.
C)fixed inputs are more important to decision making in the long run than they are in the short run.
D)in the long run all resources are variable, while in the short run at least one resource is fixed.

Question

Quizplus · Accepted Answer

In economic terms, the short run is defined by the presence of at least one fixed input (such as capital), meaning not all resources can be adjusted. In contrast, the long run is characterized by the ability to vary all inputs, allowing for adjustments in all resources to achieve a desired output level.

To Economists, the Main Differences Between "The Short Run" and "The