The short run, as economists use the phrase, is characterized by:
A. At least one fixed factor of production and firms neither leaving nor entering the industry.
B. A period where the law of diminishing returns does not hold.
C. No variable inputs that is all the factors of production are fixed.
D. All inputs being variable.
Answer:A
The short run, as economists use the phrase, is characterized by:
A. At least one fixed factor of production and firms neither leaving nor entering the industry. B. A period where the law of diminishing returns does not hold. C. No variable inputs that is all the factors of production are fixed. D. All inputs being variable.