Identify and State the Historical Significance of the Following

question 28

Short Answer

Identify and state the historical significance of the following:
-Lochner v. New York

---

Definitions:

Short Run

A period in economics during which some factors of production are fixed, making it impossible for a business to change major production facilities.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Output

The cumulative output of goods and services from a company or an economic system.

Average Total Cost

The total cost of production divided by the total number of units produced, representing the per unit cost of production.