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LoginTo economists, the main difference between short run and long run is that:
Class 12 Economics in Class 12 3 years ago
1.In short RUN all inputs are FIXED, while in long run all inputs are variable.
2.In short run the firm VARIES all of its inputs to find the least cost combination of inputs.
3.In short run, at least one of the firm's input level is fixed.
4.When MARGINAL product is at a maximum, average product equals marginal product, and total product is rising.
Posted on 11 Dec 2021, this text provides information on Class 12 related to Economics in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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