What are fixed inputs?
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What distinguishes the short run from the long run?
A)In the short run, all inputs are variable, and in the long run, all inputs are variable.
B)In the short run, some inputs are fixed, and in the long run, some inputs are fixed.
C)In the short run, some inputs are fixed, while in the long run, all inputs are variable.
D)In the short run, all inputs are variable, while in the long run, some inputs are fixed.
Theoretically in a long run cost function:
A. All inputs are fixed
B. All inputs are considered variable
C. Some inputs are always fixed
D. Capital and labor are always combined in fixed proportions
The distinction between the short-run and the long-run for a perfectly competitive firm or a monopolist is that: