The short run can be defined as the period of time during wh…

JAMB Economics 2023 267 views
Source: JAMB · 2023

The short run can be defined as the period of time during which

  1. At least one of the firm's input is fixed ✓
  2. All inputs are variable
  3. All inputs are fixed
  4. At least two inputs are fixed
Explanation

In economics, the short run is the period in which at least one of the firm’s inputs is fixed. Usually it is capital, such as a factory or machines, while labour can be changed.

In the long run, all inputs can be changed.

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