Examlex
The following statement is true:
Long Run
An economic interval where all production elements and expenses can fully adapt, as they are changeable, permitting comprehensive adjustments to any variations.
Short Run
A period in economic analysis where at least one production factor is fixed, limiting the ability of the economy or business to adjust immediately.
Long Run
A period of time in economics sufficient for all markets to adjust, including changes in production capacity and market entry or exit.
Short Run
In economics, a period in which at least one input is fixed and cannot be changed by the firm.
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