What Is the Difference Between the Short Run and the Long

question 157

Essay

What is the difference between the short run and the long run in macroeconomics? Why is
Jthis distinction critical in the analysis of aggregate demand and supply?

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Definitions:

Right

Right refers to the direction or side opposite of left, often associated with correctness, proper orientation, or a direction in geography or body parts.

Positive Feedback

A mechanism in which an initial change is amplified by its outcomes, often leading to an enhanced response in a system.

Healthy Individuals

Persons who are in a state of physical, mental, and social well-being, not merely the absence of disease or infirmity.

Positive Feedback

A process where a change in a variable triggers mechanisms that amplify that change.