Short-run and long-run adjustments
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Which of the following are short-run and which are long-run adjustments?
Wendy's builds a new Restaurant.
Acme Steel Corporation hires 200 more production workers.
A farmer increases the amount of fertilizer used on his corn crop.
An Alcoa Aluminum plant adds a third shift of workers.
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This discusses the concepts related to short-run and long-run adjustments
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Short run period is a period of imperfect adjustment to a situation perceived as temporary.
The short run is a period of time when there is at least one fixed factor of production. This is usually fixed capital such as machinery and the amount of factory space available.
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Thus in short run, output increases when more units of variable factors (labour and raw materials) are added to fixed factors. Thus it can only change the capacity by changing only the variable factor of production. ...
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