In economics, the short-run refers to the time period when

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BlackTom AI · Accepted Answer

Question restatement: In economics, the short-run refers to the time period when
Option A: revenue is fixed. This is not correct because revenue is determined by price and quantity and is not inherently fixed in the short run; many factors can influence output and demand.
Option B: all factors of production may change. In the short run, some inputs are fixed (like capital, land, or plant size) while others can vary; thus it is not true that all factors may change.
Option C: all factors of production are fixed. This describes a long-run view for certain analyses, where even capital can be adjusted; however, in the short run at least some inputs are fixed, so this option is incorrect.
Option D: some factors of production are fixed and others may vary. This accurately captures the conventional economic definition of the short run: at least one input is fixed (e.g., capital) while other inputs (like labor or raw materials) can be changed to adjust output. This distinction between fixed and variable inputs is central to short-run analysis.

Why the incorrect options fall short:
- A misinterprets the short run as implying revenue rigidity rather than focusing on input flexibility; revenue can respond to price and quantity changes even in the short run.
- B overstates flexibility by implying all inputs can change; in the short run, fixed inputs constrain adjustment.
- C overstates rigidity by asserting all inputs are fixed, which belongs to the very long run in many models; it ignores the existence of variable inputs that can be varied in the short run.

In summary, the defining feature of the short run is the partial adjustment of inputs: some are fixed, while others may vary in response to economic conditions, which corresponds to option D.

Assessment 2 - Part A - May 2025

In economics, the short-run refers to the time period when

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