Examlex
In which of the following ways can one make a difference as a student?
Short Run
A timeframe in economic terms where firms can adjust production levels only by changing variable inputs, with fixed inputs remaining constant.
Long Run
In economics, a period during which all factors of production and costs are variable, allowing for full industry adjustment to change.
Lowest Price
The minimum price at which a product or service is offered in the market.
Short Run
A period in economic theory during which at least one input is fixed while others are variable.
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