Which of the following best applies to the distinction between the \"long run\"

ID: 1218063 • Letter: W

Question

Which of the following best applies to the distinction between the "long run" and the "short run"?

The short run is a period of approximately 1-6 months while the long run is any time frame which is longer.

___In the short run, only new firms may enter, while in the long-run firms may either enter or exit the market.

___The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.

____All of these statements are correct.

___

The short run is a period of approximately 1-6 months while the long run is any time frame which is longer.

___In the short run, only new firms may enter, while in the long-run firms may either enter or exit the market.

___The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.

____All of these statements are correct.

The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.

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