What is the difference between the short run and the long run?
A. ?In the short run, at least one of a firm’s inputs is fixed, while in the long run, a firm is able to vary all its inputs and adopt new technology.
B. ?In the short run, a firm can vary all inputs but technology is fixed, while in the long run, a firm can adopt new technology but all inputs are fixed.
C. ?In the short run, all of a firm’s inputs are fixed, while in the long run, a firm is able to vary all its inputs and adopt new technology.
D. ?In the short run, all of a firm’s inputs are fixed, while in the long run, a firm is able to vary at least one input and adopt new technology.
E. ?In the short run, a firm can vary all inputs but technology is fixed, while in the long run, a firm can vary all inputs and adopt new technology.
Is the amount of time that separates the short run from the long run the same for every firm?
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