Examlex
All connectionist models share the assumption that there must be a central processor that directs the flow of information.
Fixed Costs
Costs that remain constant regardless of the amount of goods produced or units sold, including expenses like rent, wages, and insurance premiums.
Short Run
A period in economic analysis where at least one factor of production is fixed, limiting adjustments to changes in demand or supply.
Long Run
A period in economics sufficient for all markets to reach equilibrium, where all inputs and outputs can be varied by firms, not constrained by existing physical capital.
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