The difference between the short run and the long run is that: O A. In the short run all inputs are variable, while in the long run all inputs are fixed O B. In the short run, a firm that hires two inputs, capital and labor, may not be able to choose the cost- minimizing combination of capital and labor for which RTS = w/v OC. In the short run one or more inputs (usually capital) is fixed, while in the long run all inputs are variable D. None of the above

The difference between the short run and the long run is that: O A. In the short run all inputs are variable, while in the long run all inputs are fixed O B. In the short run, a firm that hires two inputs, capital and labor, may not be able to choose the cost- minimizing combination of capital and labor for which RTS = w/v OC. In the short run one or more inputs (usually capital) is fixed, while in the long run all inputs are variable D. None of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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