3. Which of the following statements best represents a difference between short-run and long-run cost?

3. Which of the following statements best represents a difference between short-run and long-run cost?.

3. Which of the following statements best represents a difference between short-run and long-run cost? (Points : 2) Less than one year is considered the short run; more than one year the long run.There are no fixed costs in the long run.In the short-run labor must always be considered the variable input and capital the fixed input.In the short run, all inputs could be variable.All of the above are true.

3. Which of the following statements best represents a difference between short-run and long-run cost?