In the short run

Question

In the short run

BlackTom AI · Accepted Answer

When analyzing the short run in microeconomics, it's important to remember that at least one input is fixed while others may vary. 
Option A: 'Labour is always a variable factor.' While labor is often variable in the short run, the word 'always' makes this statement incorrect. There can be inflexibilities such as union agreements, training commitments, or contracts that fix some labor levels in the short run, so labor is not guaranteed to be variable in every short-run scenario.
Option B: 'Fixed factors are always variable.' This is a contradiction in terms. By definition, fixed factors are not variable with respect to output in the short run. Therefore this statement is false.
Option C: 'Fixed costs cannot change.' In the short run, fixed costs do not vary with the level of output; they remain constant regardless of production quantity. This aligns with the standard distinction between fixed and variable costs in the short run.
Option D: 'Supply is more inelastic.' This statement makes an absolute claim about elasticity that generally depends on the specific industry, time frame, and input; it is not a universal truth about the short run and is therefore not reliably correct.
In summary, the only statement that correctly reflects the conventional short-run-cost framework is that fixed costs do not change with output in the short run, making Option C the accurate choice in typical analysis.

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