Question on: JAMB Economics - 2023
The short run can be defined as the period of time during which
A
All inputs are fixed
B
At least one of the firm\'s input is fixed
C
At least two inputs are fixed
D
All inputs are variable
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Correct Option: B
The short run can be defined as the period of time during which at least one of the firm's inputs is fixed. In the short run, some inputs are fixed, while others are variable. Option B correctly captures this characteristic, as it acknowledges the presence of at least one fixed input during this time period.
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