For an economist, the short run means a time period
A) during which new firms are prohibited from entering the industry.
B) during which firms are not allowed to change the amount of imported resources they use.
C) that is between one and five years.
D) during which the firm is unable to change its plant size.

Question

Quizplus · Accepted Answer

The short run for an economist is a time period during which the firm is unable to change its plant size. This means that certain inputs, such as capital and plant size, are fixed in the short run, while other inputs, such as labor and raw materials, can be adjusted. The duration of the short run varies depending on the industry and the specific circumstances. Therefore, choices A, B, and C are incorrect.

For an Economist, the Short Run Means a Time Period