Examlex
A recent candidate for mayor of a major city wanted to win the election by focusing the voters' anger-at bad economic conditions-on Mexican Americans. "They are the reason why you don't have any opportunities," he tells the crowds, "and I will make sure that no more of them are allowed in this city if you elect me mayor!" This despicable campaign strategy makes use of the concept of __________.
Short Run
A period in economics during which some factors of production are fixed, limiting the ability of a business to expand or change its output levels.
Industry
A group of companies that produce similar goods or services, engaged in the same type of business.
Variable Costs
Variable costs are expenses that vary directly with the level of production or output, such as materials and labor used in the manufacturing process.
Fixed Costs
Expenses that do not change with the level of output or sales, such as rent, salaries, and insurance premiums.
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