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Explain the concept of short run and the...

Explain the concept of short run and the long run

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Short Run is a period when only some of the factors of production are variable and some are fixed.
Long run is a period where all the factors of production are variable.
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Knowledge Check

  • in the long run

    A
    permanently
    B
    universally
    C
    occasionally
    D
    ultimately

  • To economists, the main difference between short run and long run is that:

    A
    1.In short run all inputs are fixed, while in long run all inputs are variable.
    B
    2.In short run the firm varies all of its inputs to find the least cost combination of inputs.
    C
    3.In short run, at least one of the firm's input level is fixed.
    D
    4.When marginal product is at a maximum, average product equals marginal product, and total product is rising.

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    Can there be fixed cost of a firm in the long run ?

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