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Sagot :
The short run is a period for which diminishing returns will be encountered due to fixed inputs.
What is Short Run Period?
- According to the concept of the short run, some inputs will be constant while others will be variable within a specific time frame in the future.
- It expresses the notion that an economy responds to particular stimuli differently depending on the amount of time it has to do so.
- The short run is different from the long run in that it includes both fixed and variable components, which are absent from the long run.
- In the short run, a firm's output, wages, and prices do not always have complete freedom to change in order to accomplish a goal.
- Since there are no fixed costs, in the long run, a firm's production components can find equilibrium.
To learn more about the Short run period refer to:
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