Examlex
The list of all elementary events for an experiment is called the sample space.
Long-Run
The long-run refers to a period in economics where all factors of production and costs are variable, allowing all inputs to be adjusted.
Short-Run
A period in economics during which at least one factor of production is fixed, focusing on immediate effects and adjustments.
Spreading Effect
A phenomenon in economics where an initial investment leads to additional benefits that spread beyond the immediate context, often stimulating further economic activity.
Fixed Cost
Expenses that remain constant regardless of the firm's production volume.
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