Question

Difference between short run and long run for example

Answer 1

The main difference between long run and short run costs is that there are no fixed factors in the long run; there are both fixed and variable factorsin the short run. In the long run the general price level, contractual wages, and expectations adjust fully to the state of the economy.

Answer 2

The main difference between long run and short run costs is that there are no fixed factors in the long run; there are both fixed and variable factors in the short run. In the long run the general price level, contractual wages, and expectations adjust fully to the state ofthe economy.

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