Question

Can we say short run and long run can be defined as a time under consideration

Answer 1

Yes, we can say that short run and long run can be defined as a period of time under consideration. In economics, short run refers to a relatively brief time period where some factors of production are fixed, while others can be changed, whereas long run refers to a period of time where all factors of production can be adjusted. The exact duration of the short run and long run may vary depending on the context and industry.