The best way to think of the short run and the long run is as
A) specific periods of time, although the time periods may differ across industries.
B) planning terms that apply to managers.
C) concepts that apply to all people who work for a firm.
D) a concept that only accountants are concerned with.

Question

Quizplus · Accepted Answer

The short run and the long run are specific periods of time, although the time periods may differ across industries. In economics, the short run typically refers to a period of time in which at least one factor of production is fixed, while the long run is a period of time in which all factors of production are variable. This distinction is important in analyzing production, costs, and pricing decisions.

The Best Way to Think of the Short Run and the Long