To Economists, the Main Differences Between "The Short Run" and "The

Multiple Choice

To economists, the main differences between "the short run" and "the long run" are that

A) the law of diminishing returns applies in the long run, but not in the short run.
B) in the short run all resources are fixed, while in the long run all resources are variable.
C) fixed inputs are more important to decision making in the long run than they are in the short run.
D) in the long run all resources are variable, while in the short run at least one resource is fixed.