Asked by
tonya anderson
on Dec 11, 2024Verified
During the short-run period of the production process, a firm will be
A) unable to vary any of its factors of production.
B) able to vary only some of its factors of production.
C) able to vary all of its factors of production.
D) able to vary the size of its plant.
Factors Of Production
The resources used to create goods or services, typically categorized into land, labor, capital, and sometimes entrepreneurship.
Short-Run
A time period in economics during which at least one input, such as plant size, is fixed and cannot be altered by a firm to respond to market changes.
- Familiarize oneself with the notion of the short run within production and its effects on cost frameworks.
- Recognize how firm decisions are influenced by cost behavior in the short run.
Verified Answer
HD
Learning Objectives
- Familiarize oneself with the notion of the short run within production and its effects on cost frameworks.
- Recognize how firm decisions are influenced by cost behavior in the short run.