Final answer:
The short run refers to a period of time too brief for a firm to alter its plant capacity yet long enough to permit a change in the degree to which the fixed plant is used. In the short run, firms cannot change the usage of fixed inputs, while in the long run, the firm can adjust all factors of production.
Step-by-step explanation:
The short run refers to a period of time too brief for a firm to alter its plant capacity yet long enough to permit a change in the degree to which the fixed plant is used. In the short run, firms cannot change the usage of fixed inputs, while in the long run, the firm can adjust all factors of production. The distinction between the short run and the long run is more technical and varies according to the specific business.