Question

In the short-run, a. All the firm's resources are variable. b. None of the firm's resources...

In the short-run, a. All the firm's resources are variable. b. None of the firm's resources is variable. c. The time period is always equal to one year. d. Technically efficient production is not possible. e. At least one of the firm's resources cannot be varied

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Answer #1

In a short run at least one of the firm's resources cannot be varied. The correct answer is "E".

Let's see why other options are wrong:

Option A suggests all the resources are variable. It is the case of long-run where every variable can be changed not in the short run.

Option B is wrong because in the short run some variables are variable like labors.

OPtion C NO there is no fixed time for defining short run. It depends on the industries.

Option D is wrong because technical efficient production if very much possible in the short run as well.  

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