Practice - The Short Run and The Long Run
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
Define short run in economics.
💡 Hint: Focus on the limitations present in short-term adjustments.
What happens to production factors in the long run?
💡 Hint: Think about flexibility in adjusting resources.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
In the short run, which factor remains fixed?
💡 Hint: Think about how businesses manage their resources in the short term.
True or False: In the long run, all factors of production can be changed.
💡 Hint: Recall the definition of long run in production.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
Consider a firm operating in the short run. If it can only change its labor input while its equipment remains constant, discuss the implications for production efficiency.
💡 Hint: Reflect on the law of diminishing marginal returns connected to labor changes.
How might the understanding of short and long run production concepts influence a business's investment decisions?
💡 Hint: Think about the benefits of flexibility vs long-term commitment.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.