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In a study designed to identify factors involved in helping behavior, a man on a crowded bus clutches his chest and falls to the floor. In one of the conditions of the study the man is clean shaven and wearing a suit; in the other condition he has a scraggly beard and is wearing a dirty t-shirt and jeans. The amount of time it takes for someone to help the man is recorded. In this example the dependent variable is
Profit-Maximizing
The technique a firm uses to ascertain the optimal pricing and production levels for achieving maximum profit.
Short Run
A period in which at least one input (like plant and equipment) is fixed and cannot be changed by a business.
Long Run
A period of time in which all factors of production and costs are variable, allowing all inputs to be adjusted.
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