Examlex
What is simplelocker?
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.
Short Run
A period in economics where at least one factor of production is considered fixed, allowing only some variables, like output, to change.
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