Short-run and the long-run production function

The difference between the short-run and the long-run production function is:

a. three months or one business quarter.

b. the time it takes for firms to change all production inputs.

c. the time it takes for firms to change only their variable inputs.

d. more information is required to answer this question.

Solution Summary

The difference between the short-run and the long-run production function is shown.