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1.2.4 importance of the time period (short run, long run, very long run)

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What condition defines the short run?

A

All factors of production are fixed, so output cannot change.

B

All factors of production are variable, allowing the firm to change its whole scale of production.

C

At least one factor of production is fixed, so output can only vary within existing capacity.

D

The state of technology can change, altering what it is possible to produce.

Card 1 of 20

1.2.4 importance of the time period (short run, long run, very long run) Flashcards

  1. Intl A Level
  2. /Economics
  3. /1.2.4 importance of the time period (short run, long run, very long run)

20 flashcards on CIE Intl A Level Economics 1.2.4 importance of the time period (short run, long run, very long run): the key terms and definitions you need to recall.

Flashcards