The Short Run Is Any Period of Time Less Than

question 32

True/False

The short run is any period of time less than one year,while the long run refers to a period of time one year or more in length.

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Definitions:

Pure Chase Strategy

A demand matching or production strategy where output is adjusted to match the demand exactly, with no inventory buffer.

Demand Requirements

The specific quantities of products or services that a market or customer base needs over a particular period.

Pure Level Strategy

A production strategy where the output levels are kept constant despite fluctuating demand, aiming at minimizing changes in production rates.