ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: The short run is the production period that allows producers to change only the amount of the variable input called “labor” or other inputs. The long run is the time frame when at least one input is fixed.

Detailed explanation-2: -The term “short-run production” refers to a production cycle in which at least one factor is fixed. Most companies have multiple factors that they use to produce goods or services. Also known as input factors, they can consist of labor, materials, equipment, capital and real property.

Detailed explanation-3: -"The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied.

Detailed explanation-4: -: a short period of time at the beginning of something. One plan had advantages over the short run. usually used in the phrase in the short run. It won’t make any difference in the short run.

Detailed explanation-5: -The short run is a concept that states that, within a certain period in the future, at least one input is fixed while others are variable. In economics, it expresses the idea that an economy behaves differently depending on the length of time it has to react to certain stimuli.