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Question #48942

The short run, as economists use the phrase, is characterized by ?

Options:

A) a period where the law of diminishing returns does not hold.

B) at least one fixed factor of production and firms neither leaving nor entering the industry

C) all inputs being variable

D) no variable inputs – that is all of the factors of production are fixed

Answer: The short run, as economists use the phrase, is characterized by at least one fixed factor of production and firms neither leaving nor entering the industry.

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