The long run is a time period in whichSelect one:a.some of the firm's resources are fixedb.all of the firm's resources are fixedc.all of the firm's resources are variabled.the firm cannot increase its output

The short-run is:A.the period of time in which a firm can't change its use of fixed inputs.B.up to three years.C.the period of time in which the production level can't be changed.D.the period of time in which a firm can vary its rate of output.E.a year or less.

_______________is defined as a period of time where at least one factor of production is assumed to be in fixed supply i.e. it cannot be changed.a.Long runb.Short runc.Medium rund.Clear run

The long-run production function is characterized by:Question 1Answera.All inputs being variable.b.Some inputs being fixed and others being variable.c.All inputs being fixed.d.Rapid changes in technology.

To economists considering a firm’s planning horizon, the “short run” refers toSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.athe period in which at least one of the firm’s inputs, like amount of land, is fixedba period of less than one yearcthe term to which the current board of directors has been electeddthe period in which all of the firm’s inputs can be varied

At every output level, a firm’s short-run average cost (SAC) equals or exceeds its long-run average cost (LAC) because:a. Diminishing returns apply in the short run.b. Returns to scale only exist in the long run.c. Opportunity costs are taken into account in the short run.d. There are at least as many possibilities for substitution between factors of productionin the long run as in the short run.e. Economies of scope only apply in the long run.