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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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