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Levart [38]
1 year ago
15

One thing that distinguishes the short run and the long run is?

Business
1 answer:
Andrej [43]1 year ago
6 0

A. the existence of at least one fixed input is the primary difference between short run and long run. It is because in the long run, the quantities of all inputs can be varied.

In economics, the short run can be defined as a concept that states that, within a certain period in the future. In the short run the others are variable while at least one input is fixed. In the other side, long run in economics can be defined as a theoretical concept in which all prices and quantities have fully adjusted and all markets are in equilibrium.

Learn more about long run here brainly.com/question/17029465

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$800

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The following are the stages of both consumer and organization purchase decisions. Place each stage in the most typical order of
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Problem Recognition.

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2. Information Search: This is the next stage where the consumer begins to search for how to close the need gap.

3. Evaluation of Alternatives: After searching for  available information on potential way(s) to meet the existing need, the product of the search could reveal numerous alternatives from which a choice will be made after thorough evaluation

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According to F.A. Hayek, what is the fundamental economic problem facing society?
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According to F.A. Hayek, the fundamental problem facing every society is how to use limited resources in the most optimal way possible.

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To Hayek, this problem could not be fully solved by any society, but the best a society could do is to rely on the price system, only possible under a free market, to signal which uses were more optimal than others.

This is also the reason why F.A. Hayek, along with fellow Austrian economists Ludwing Von Mises, believe that socialism could not work: socialism, according to Hayek and Mises, destroyes the price system, and without it, society has no rational way to allocate resources in an optimal way.

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