4104EconomicsMedium
The short run, as economists use the phrase, is characterized by?
Aa period where the law of diminishing returns does not hold.
Bat least one fixed factor of production and firms neither leaving nor entering the industry
Cno variable inputs – that is all of the factors of production are fixed
Dall inputs being variable
Correct answer
B. at least one fixed factor of production and firms neither leaving nor entering the industry
Explanation
The correct answer is at least one fixed factor of production and firms neither leaving nor entering the industry.