Examlex
argued that we come to know ourselves by seeing our reflection in how we appear to others. Other people's judgments, then, help to shape what he called
Long-Run Equilibrium
A state in which all aspects of the economy, including supply and demand, are in balance, and all economic agents have fully adjusted to any changes.
Decrease in Demand
refers to a situation where consumers' desire and ability to purchase a product or service diminishes, leading to a downward shift in the demand curve.
Short Run
A time period in economics during which at least one input (such as plant size) is fixed and cannot be changed.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing full adjustment to changes.
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