Explain the difference between the short run and the long run.
What will be an ideal response?
The short run is the period of time over which at least one factor of production is fixed. In the long run, firms are flexible to adjust all factors of production, and to enter or exit the industry.
Economics
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The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research. C) the Bureau of Economic Analysis. D) the Fed.
Economics
Refer to above figure. What is the revenue gain or loss for Europe as a whole (including taxpayers)?
What will be an ideal response?
Economics