Examlex
Explain the meaning of value chain linkages with the help of an example.
Implicit Cost
The opportunity costs that are not directly paid or seen but represent real costs to a business, such as the value of time or resources.
Short Run
A period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to market changes.
Long Run
A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes in market conditions.
Lowest Price
The minimum price at which a product or service is available in the market.
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