Which of the following statements describes a difference between the short run and the long run?
A) The law of diminishing returns is an issue in the long run but not in the short run.
B) All resources are fixed in the short run, and all resources are variable in the long run.
C) Some resources are fixed in the short run, and all resources are variable in the long run.
D) Variable costs are more important for decision making in the short run than in the long run.
Answer: C) Some resources are fixed in the short run, and all resources are variable in the long run.
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