Distinguish the Short Run from the Long Run

question 25

Essay

Distinguish the short run from the long run. Generally, what causes costs of production to vary with output in the short run? What generally causes costs of production to vary in the long run?

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Definitions:

Precipitation

Any form of water, liquid or solid, that falls from the atmosphere and reaches the ground, including rain, snow, sleet, and hail.

Evergreen Broadleaf Trees

Evergreen broadleaf trees are types of trees that retain their green leaves throughout the year and possess broad, flat leaves rather than needle-like or scale-like leaves.

Rainfall

Precipitation in the form of water droplets that falls from clouds to the ground.

Eutrophication

Nutrient enrichment of an aquatic habitat.