Examlex
The Public Company Accounting Oversight Board
Long Run
refers to a period of time in which all factors of production and costs can be fully adjusted, including all forms of investment.
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.
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