Economics · Production and Costs
Which of the following statements correctly distinguishes between short-run and long-run production functions?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both short run and long run assume fixed factors of production
- 2In the long run, only labour is variable and capital is fixed
- 3In the short run, capital is fixed and labour is variable, while in the long run all factors are variable✓
- 4In the short run, all factors are variable, whereas in the long run some factors are fixed
Correct answer
In the short run, capital is fixed and labour is variable, while in the long run all factors are variable
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