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Short-run Elasticities
Measures of how responsive the quantity demanded or supplied of a good is to a price change over a short period.
Plant Size
The scale or capacity of a factory or production facility, which can influence its efficiency and ability to meet demand.
Elastic Demand
Refers to a situation where the quantity demanded of a good or service changes drastically in response to changes in its price.
Industry Output
The total production of goods and services provided by an industry within a specific period.
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