Examlex
A person cannot be forced to be a partner; however,a partner can be forced by the partnership to accept another person as a partner.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust to market conditions.
Plant Size
The physical capacity or scale of a manufacturing facility, which can influence production output and operational efficiency.
Factors Of Production
The resources used in the creation of goods or services, traditionally categorized into land, labor, capital, and entrepreneurship.
Short Run
A period in economics where at least one input (like capital) is fixed, limiting the ability of a firm to adjust fully to market changes.
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