The short run and the long run are distinguished by

a period of exactly one yearCorrect answerYour answerwhether all inputs can be varied, not by a fixed number of monthsCorrect answerYour answerthe price of the productCorrect answerYour answerthe number of buyersCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer B

Correct answer: B

The line is drawn by flexibility, not the calendar: a tea stall's long run can be days, a steel plant's years.

Concept: What defines the short run
Typical timeTypical: 70 s
Your timeYours: —

The rule this testsShort run and long run

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Ten questions from Production Function: TP, MP and AP, at your own pace.

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Ten questions from Production Function: TP, MP and AP, at your own pace.

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The short run and the long run are distinguished by

Explanation