Examlex
What is "austerity" and why would the European Union and other lenders to Greece insist on austerity knowing that such programs can make recessions worse?
Long Run
The long run is a period in economics where all factors of production and costs are variable, allowing companies to adjust all inputs.
TVC
Total Variable Cost, which refers to the total of all costs that vary with the level of output in the production of goods or services.
Short Run
In economics, a period in which at least one factor of production is fixed and cannot be changed.
Total Variable Cost
Represents the sum of all costs that vary with the level of output production, excluding fixed costs.
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