Which of the following statements is TRUE? a. A firm plans in the short run and...
Which of the following statements is TRUE?
a. A firm plans in the short run and operates in the long run.
b. In the long run a firm can change all but one input.
c. In the long run all inputs are variable.
d. In the short run all inputs are fixed.
Homework Answers
Answer
Option
c. In the long run all inputs are variable.
=
In the short run, a minimum one input is fixed and in the long run, all the inputs are variable.
A firm plan and operate in the long run as well as short-run as a firm has long run and short-run objectives.
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