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  • 25-07-2022
  • Business
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To economists, the main difference between the short run and the long run is that.

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ayodele336
ayodele336 ayodele336
  • 27-07-2022

in the short run at least one of the firm's inputs levels is fixed

Explanation:

The short run, as economists use the phrase, is characterized by at least one fixed factor of production so the proportion of inputs can be changed, the law of variable proportion will only operate in the short run. In the long run all factors are variable as producers have enough time to organize all factor inputs in the appropriate proportions to achieve the minimum efficient scale

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