In the long run production, firms are able to adjust all costs but in the short run, firms are only able to influence the prices through adjustments made to production levels.
Both short-term and long-run production involve the use of input factors. In short-term production, at least one of the factors is fixed whereas in long-term production, none of the factors are fixed. Long-term production uses variable that can fluctuate.
In the long run production function, relationship between input and output is explained under the condition when labor and capital are variable inputs.
Short-run production is the process of using one or more inputs to produce output over a period of time.
To know more about long and short -run production, refer
https://brainly.com/question/13824283
#SPJ4
