What is the difference between the short run and long run?

The short run and long run is not determined by a set period of time, but rather by which factors of production are fixed. In the short run, at least one factor of output is fixed. Whereas in the long run, no factors of production are fixed. In other words, the long run is when expansion is possible for the firm.

Answered by Zoe C. Economics tutor

2146 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Why are subsidies a more efficient way of reducing prices than price ceilings are?


Describe what is economies of scale?


What are causes of globalisation?


Why might the Bank of England raise the bank rate if inflation rises above 2%?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2024

Terms & Conditions|Privacy Policy
Cookie Preferences