Question

The short run is a period for which: Group of answer choices firms maximize total revenue instead of profit. diminishing returns will be encountered due to fixed inputs. firms have only fixed inputs. all inputs and all costs are variable.

Answer 1

The short run is a period for which diminishing returns will be encountered due to fixed inputs.

What is Short Run Period?

• According to the concept of the short run, some inputs will be constant while others will be variable within a specific time frame in the future.
• It expresses the notion that an economy responds to particular stimuli differently depending on the amount of time it has to do so.
• The short run is different from the long run in that it includes both fixed and variable components, which are absent from the long run.
• In the short run, a firm's output, wages, and prices do not always have complete freedom to change in order to accomplish a goal.
• Since there are no fixed costs, in the long run, a firm's production components can find equilibrium.

To learn more about the Short run period refer to:

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