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 variables inputs that are all of 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 variables inputs that are all of the factors of production are fixed D. all inputs being variable