Asked by Owuraku Agyekum on Jun 18, 2024
Verified
For economic analysis, the short run is considered less than one year.
Short Run
A period in which at least one input (such as plant size, machinery) is fixed and cannot be changed by the firm.
- Gain insight into the contrast between short-run and long-run scenarios with respect to decision-making in production and organizational determinations.
Verified Answer
ET
Eeyore TiggerJun 20, 2024
Final Answer :
False
Explanation :
The short run in economic analysis does not have a specific time frame such as less than one year; it is defined as the period during which at least one input (like plant size, machinery) is fixed and cannot be changed.
Learning Objectives
- Gain insight into the contrast between short-run and long-run scenarios with respect to decision-making in production and organizational determinations.