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प्रश्न
Distinguish Between
Short period and Long period
फरक स्पष्ट करा
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उत्तर
| Sr. No. | Short Period | Long Period |
| 1. | Short period refers to a period of less than 1 year. | Long period refers to a period of upto five years |
| 2. | During a short period, firms can only make adjustments in input like labour to increase the supply of goods & services marginally. | During a long period, firms are able to make adjustments in inputs like land, labour & capital to increase the supply of goods and services substantially |
| 3. | The factors of production and costs are more likely to be fixed. | All factors of production and costs are variable. |
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