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How is a period classified as the short run or the long run?
ABy counting whether it exceeds one year
BBy whether the firm earns profit or loss
CBy the number of workers employed
DBy whether all inputs can be varied or not
Answer & Solution
Correct answer: D. By whether all inputs can be varied or not
The distinction rests on input flexibility rather than on days, months or years, because the length differs across production processes.
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