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To economists, the main difference betwe...

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.

Text Solution

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The correct Answer is:
c
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Knowledge Check

  • in the long run

    A
    permanently
    B
    universally
    C
    occasionally
    D
    ultimately

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