Microeconomics: Principles, Applications, and Tools (8th Edition)

by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen

Published by Prentice Hall

ISBN 10: 0-13294-886-9

ISBN 13: 978-0-13294-886-9

Chapter 8 - Production Technology and Cost - Exercises - 8.1 Economic Cost and Economic Profit - Page 203: 1.6

Answer

short run

Work Step by Step

$Short$ $run:$ a period over which a firm cannot change its production facility. In contrast, in the long run, all factors of production, including the production facility, are variable.

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