**Question 7****In production, the difference between the long run and short run is:**- ○ some inputs are fixed in the short run but all are variable in the long run- ○ the short run refers to a week and the long run refers to a month- ○ some inputs are fixed in the short run but all are fixed in the long run- ○ some inputs are variable in the short run but all are fixed in the long run**Explanation:**This multiple-choice question addresses the economic concepts of "long run" and "short run" in production. 1. **First option:** In the short run, certain inputs (like capital) are fixed, whereas in the long run, all inputs can be adjusted by the firm.2. **Second option:** Incorrectly defines the short run and long run based on specific time frames.3. **Third option:** Incorrect as it suggests no change in the flexibility of inputs over time.4. **Fourth option:** Incorrectly suggests that inputs become fixed in the long run.

The factors of production are the factors that are being used in the process of production by the…

In production, the difference between the long run and short run is some inputs are fixed in the short run but all are variable in the long run the short run refers to a week and the long run refers to a month some inputs are fixed in the short run but all are fixed in the long run some inputs are variable in the short run but all are fixed in the long run

In production, the difference between the long run and short run is some inputs are fixed in the short run but all are variable in the long run the short run refers to a week and the long run refers to a month some inputs are fixed in the short run but all are fixed in the long run some inputs are variable in the short run but all are fixed in the long run

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 9PA

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