The short run is
A) less than one year.
B) the time frame in which all resources are fixed.
C) the time frame in which some resources are fixed.
D) the time frame in which output is fixed.
E) a time frame short enough so that some costs are explicit costs.

Question

Quizplus · Accepted Answer

In the short run, some resources are fixed while others can be adjusted. For example, in the short run, a firm may not be able to change its capital equipment but it can still adjust its labor or raw material usage. This is in contrast to the long run, where all resources can be adjusted.

The Short Run Is