Economics · Production and Costs
Choose the correct option regarding the short-run and long-run production functions: (A) In the short-run, the ratio of factors of production is variable but the scale of production is fixed. (B) In the long-run, the ratio of factors of production is fixed but the scale of production is variable.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both statements (A) and (B) are incorrect
- 2Both statements (A) and (B) are correct
- 3Only statement (A) is correct✓
- 4Only statement (B) is correct
Correct answer
Only statement (A) is correct
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