Examlex
Which of the following is not a construct:
Long Run
A period in economic analysis where all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.
Short Run
A period in economic theory during which at least one factor of production is fixed, limiting the capacity to adjust to changes in market demand.
Elastic
Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in price.
Short Run
A period in economics during which the quantity of at least one input (such as plant size) is fixed and cannot be changed.
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