Answer to Question #109361 in Microeconomics for Zara

Question #109361
What is the difference between the short run and the long run?
1
Expert's answer
2020-04-16T09:20:40-0400

The short run is the period of time when costs of the firm can be divided into the fixed (cost of capital) and variable ones (usually cost of labor) . The long run in microeconomics is the period of time when all the inputs of production become variable (the firm can change the volume of capital too)


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