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Pls help me answer these 2 questions for my Econ Test on Tuesday plzzzz!!!!

1) What is the difference between Fixed Resources and Variable Resources?
2) What is the difference between Short Run and Long Run?

1 Answer

4 votes

Answer:

1: A fixed resource is any resource that will always be available with a room arrangement where as Variable resources are electricity producers whose output amount and availability can vary due to the nature of fuel being used - for example, wind, solar, or run-of-river hydro. .

2: The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied where as the long run is a period of time in which the quantities of all inputs can be varied.

Step-by-step explanation:

hope it helps!

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User AndreaG
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