Question

‘Short-run cost theory is based on short-run production theory' Do you agree with this statement? Justify your answer.

Answer 1

Answer:

The Short-Run is the period in which at least one factor of production is considered fixed. Usually, capital is considered constant in the short-run. In the Long-Run, all factors of production are variable, while in the very long-run all factors of production are variable and research and development is possible.

Explanation:

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