The planning period over which at least one resource input is fixed in quantity is the:
A) Long run.
B) Production run.
C) Short run.
D) Investment decision.

Question

Quizplus · Accepted Answer

In economics, the short run is a period of time during which at least one input is fixed, whereas the long run is a period of time in which all inputs can be varied. The production run is not a commonly used term in economics, while the investment decision is a separate concept referring to the process of deciding whether and how to invest in a particular business or project. Therefore, the best choice in this context is the short run, as it pertains to the fixed input quantity.

The Planning Period Over Which at Least One Resource Input