The Short Run Is

question 293

Multiple Choice

The short run is

• A) a year or less.
• B) up to three years.
• C) the period of time in which the firm can vary its rate of output.
• D) the period of time in which the firm cannot change its use of at least one input.

---

Definitions:

Misdemeanor

A category of criminal offenses that are less serious than felonies and typically result in less severe punishments.

Petty Offense

A minor legal infraction that is less serious than a misdemeanor and typically punishable by fines or a short term of imprisonment.

Fine

A monetary penalty imposed by a court on an individual or entity as punishment for a violation or crime.

Fixed Costs

Expenses that do not change in the short term regardless of the level of production or output.