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1. A basic assumption of the short run is that a firm: a. can employ more workers and add more capital to the production process. b. cannot adjust its workforce or the amount of capital it uses. c. can reduce the number of workers it uses, but it cannot adjust how much capital it uses. d. can freely adjust the amount of labor and capital that it

Sagot :

Martebi

Answer:

Can reduce the number of workers it uses, but it cannot adjust how much capital it uses

Explanation:

The Short Run

This is simply refered to as a time frame (period of time) where at least one factor of production is fixed. The totality of Production takes place in the short run that is, it using more of the variable factors such as labour to the fixed factor such as capital, land.

The length of the short run can be known by the time it takes to increase the quantity of the fixed factor. This is said to change from industry to industry. The industries with Short Short Run includes Call centres, digging holes, internet based etc.

The Long Run

It is also known as the timeframe where all factors of production are said to be variable, but the state of technology is fixed. All planning takes place in the long run that is always in your head.

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