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1 September, 17:09

What is the difference between the short run and the long run?

(A) In the short run, a firm can vary all inputs but technology is fixed, while in the long run, a firm can adopt new technology but all inputs are fixed.

(B) In the short run, all of a firm's inputs are fixed, while in the long run, a firm is able to vary all inputs but not adopt new technology.

(C) In the short run, a firm can vary all inputs but technology is fixed, while in the long run, a firm can vary all inputs and adopt new technology.

(D) In the short run, all of a firm's inputs are fixed, while in the long run, a firm is able to vary all its inputs and adopt new technology.

(E) In the short run, at least one of a firm's inputs is fixed, while in the long run, a firm is able to vary all its inputs and adopt new technology.

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  1. 1 September, 20:02
    0
    Answer: Option D

    Explanation: In simple words, short run refers to the time frame in which all the factors of production are fixed while in the long run all of them are variable.

    This happens due to the fact that in the short run if the company goes for changing the level of inputs than the opportunity that were availing in that time period will be gone by then leading to losses as the total time frame is very less in short run.

    On the other hand, firms tends to have greater life in the market and keeps developing themselves with the changing forces of market.
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