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Effects of an Autonomous Change on Equilibrium Demand in the Product Market

In economics,...

Question

In economics, ___________ is a period where all factor inputs are variable.

A

long run

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B

short run

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C

very short period

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D

none of the above

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Solution

The correct option is A long run
In economics, all factors of production become variable factor in the long run.
Thus, the difference between fixed cost and variable cost disappears in the long run.

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Q. Statements: Some inputs are outputs.
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An example of homologous organs is

(a) our arm and a dog’s fore-leg.

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(c) potato and runners of grass.

(d) all of the above.

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