Difference between short run and long …
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Posted by Kaveri Chettri 5 years, 10 months ago
- 3 answers
Yogita Ingle 5 years, 10 months ago
- The Short Run: In this scenario, at least 1 of the factors – either labour or capital – cannot be diversified, hence, remains constant. In order to differ the level of output, the enterprise can differ only the other factor. The factor that remains constant (fixed) is known as the fixed factor and the other factor which the enterprise can vary is known as the variable factor.
- The Long Run: In this scenario, all factors of production can be diversified or varied. An enterprise in order to manufacture different degrees of output in the long run may differ both the inputs concurrently. Hence, in the long run, there is no fixed factor.
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Divyansh Monga 5 years, 10 months ago
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