Question

Distinguish between the short run and the long run. In the short​ run, ______. In the long​ run, ______.

Answer 1

Answer:

B. the quantity of only one factor of production is​ fixed; the quantities of all factors of production can be varied

Explanation:

• As in the short run a firm can have a conceptual fixed time, while the other factors are variable in amount as the foxed costs have no impacts on the short run but may tend to have an impact on the form longer run that could potentially increase the output that could be increased by increasing the number of variable costs.

• Thus, in short, the form is in a monopolistically competitive market hence the quantity of at least one input is fixed.