What Is the Difference Between a Longitudinal and a Cross-Sectional

question 212

Short Answer

What is the difference between a longitudinal and a cross-sectional research study?

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Definitions:

Short Run

In economics, a period in which at least one input is fixed, limiting the firm's ability to adjust to changes in the market.

Economic Profit

The balance remaining once total revenue is reduced by both obvious and hidden expenses.

Profit-maximizing Firm

A business whose goal is to produce a level of output at which profits are at their highest.

Purely Competitive

A market scenario where many competitors offer the same product or service, ensuring no individual entity controls the market prices or supply.