Question

Explain the concept of short run and the long run.

Answer 1

Explanation:

Short run is a period of time when some factors of production are fixed and some are variable. Output can be increased only by increasing the application of the variable factor. In the short run, the scale of production remains constant. Long run is a period of time when all factors of production are variable.

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Answer 2

Answer:

short run :refers to a period in which output can be changed by changing only variable factor

long run: long run resort to a period in which output can be changed by changing all factor of production