Examlex
Higher order conditioning is difficult to achieve because it battles against extinction.
Short Run
A time period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to fully adjust.
Long Run
A period in which all factors of production and costs are variable, allowing full adjustment to any change.
Shut Down
In economics, a short-run decision not to produce anything during a specific period because of current market conditions.
Short Run
A period in which at least one factor of production is fixed, and firms can adjust only to a limited set of variables.
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