The short run is defined as a:
A) period of time less than 1 year.
B) period of time less than 6 months.
C) planning period in which some factors of production are considered to be fixed in quantity.
D) time period in which some factors of production are fixed, but it cannot exceed 1 year.

Question

Quizplus · Accepted Answer

The short run is a planning period in which some factors of production are considered to be fixed in quantity. It does not have a specific time frame, but it is generally considered to be a period of time in which at least one factor of production is fixed. This could be anything from a few months to several years, depending on the industry and specific circumstances. Therefore, options A, B, and D are incorrect because they all rely on specific time frames.

The Short Run Is Defined as A