They are conceptual time periods, not established lengths of time
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Short run – where one factor of production (e.g. capital) Econonics fixed. This is a time period of fewer than four-six months. Long run – where all factors of production of a firm are variable (e.g. a firm can build a bigger factory) A time period of greater than four-six months/one littlethunders.beted Reading Time: 4 mins.
Under the process of economic analysis of the market, the short-run time period tends to the period in which all the factors except one factor are See full answer below. Become a and.