Examlex
Briefly describe technical illustration.
Long-Run Supply
The time period in which all factors of production and costs are variable, allowing firms to fully adjust to market conditions.
Curve
In economics, this refers to a graphical representation depicting the relationship between two variables, such as supply and demand.
Short Run
A period in economics where at least one input is fixed, limiting the ability of a business to adjust production levels.
Long Run
In economics, a time period in which all factors of production and costs are variable.
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