(d) is always less than 6 months
The question is from the subject Managerial Economics.
Business management or managerial economics is the branch of economics that deals with the application of business methods in management's decision-making process. Economics is the study of the production, distribution and consumption of goods and services
What is Short Run?
A short run in economics refers to a period of production planning during which a firm attempts to keep one or more production inputs and change others to meet market demand.
What is Long Run?
The long run is the period in which all factors of production and cost fluctuate.
What is the difference between Short run and Long run?
A short term is a period in which the amount of at least one input is fixed and the amount of the other inputs can be changed. A long term is a period during which all inputs can change.
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