Question on: JAMB Economics - 2003

The short-run period in production is defined as the time frame where at least one factor of production is fixed. Here's why the options are evaluated: * **A. scale of operation:** This is the correct answer. Changing the scale of operation typically involves altering fixed factors like plant size, which is not possible in the short run. * **B. total revenue:** Total revenue can change in the short run as output and prices change, even if the scale of operation is fixed. * **C. total outputs:** Total output can be altered in the short run by changing variable inputs. * **D. variable inputs:** Firms *can* change variable inputs in the short run (e.g., labor, raw materials).