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Question

To economists, the main difference between "the short run" and "the long run" is that:choose the correct answer:

Multiple Choice

  • in the long run, all resources are variable while in the short run, at least one resource is fixed
  • the law of diminishing marginal returns applies in the long run but not in the short run
  • in the short run all resources are variable, while in the long run all resources are fixed
  • in the short run all resources are fixed, while in the long run all resources are variable
  • fixed costs are more important to decision making in the long run than they are in the short run

Answered by Expert Tutors
Subject: Business, Economics
To economists, the main difference between 'the short run' and 'the long run' is that: choose the correct answer:
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