It is not possible to activate more than one Test Studio license on a single machine at a time. You cannot install full Test Studio and the Run-Time edition on the same machine at the same time.
However you don't need it. The full Test Studio is the biggest installation package. It includes Telerik Testing Framework and all of the features that the Run-Time edition has. With this package you can use all features of Test Studio.
I will be happy to assist you if you have further questions.
the Telerik team
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