In economics, what is the difference between the short run and the long run?
What will be an ideal response?
In economics, the short run refers to the period of time during which at least one of a firm's inputs is fixed. The long run refers to the period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.
Economics
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The time that elapses between the implementation of a policy and its intended result is referred to as
A) the action time lag. B) the recognition time lag. C) the effect time lag. D) the data lag.
Economics
Shift to the left or right for supply: number of sellers increases
What will be an ideal response?
Economics