Question

28)In economics, the short run denotes period of time
Select one:
a. in which quantities of at least one input is fixed
b. in which all inputs are fixed
c. in which all inputs are variable
d. of one year or less​

Answer 1

Answer:

A

Explanation:

Answer 2

Answer:

a. in which quantities of at least one input is fixed

Explanation:

• In economics, the short run denotes period of time in which quantities of at least one input is fixed
• The link between the many inputs and outputs used in the production process is known as the production function. It provides the ranges of output (dependent variable) that can be generated from different inputs. Land, money, labour, and businesspeople are the main inputs used in production.
• The short run is the time period during which certain production parameters are erratic, but at least one is constant.
• The primary components of production are land, labour, capital, and entrepreneurialism. Together, they all make up the production process in varied degrees. All of these production characteristics that affect the short-run production cost are part of the short-run production function. Given a fixed technology, some factors of production—such as labor—can vary while the others—such as capital—cannot. Because variable production units depend on fixed production units that are already available, production scale cannot be changed in response to changes in market demand in the short term.

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