In economics, ________ is a period where some factor of production is fixed, while the others are variable.

long run

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short run

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very long period

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none of above

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Solution

The correct option is B short run
In the short run production process,classification of fixed factor and variable factor of prodction can be observed as short run period is too short to overcome the difference characteristics between fixed factor and variable factor,hence in the short run profit of a firm= total revenue -total variable cost.

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