Which statement accurately describes short run production?

In the context of short-run production, the statement that only some factors are variable while others are fixed is accurate. In the short run, firms are unable to change all factors of production; for instance, while they may be able to adjust labor hours or the amount of raw materials used, other factors such as capital—like machinery or factory size—are typically fixed. This limitation allows firms to make production adjustments and respond to changes in demand, but they cannot fully optimize all resources simultaneously.

This distinction is crucial in understanding how firms operate in different time frames. In the short run, firms can experience diminishing returns as they continue to add labor to these fixed factors, affecting their overall efficiency and output. Long-run production, on the other hand, is characterized by the ability of firms to adjust both fixed and variable factors, leading to a different production dynamic.

The other options do not accurately describe short-run production: all factors being variable refers to the long run, equating short and long run production overlooks their fundamental differences, and the idea that production can occur indefinitely without change does not reflect the reality of operational adjustments and limits that firms face in the short run.