Examlex
Activities that indiscriminately impose costs on others are externalities.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
Market Period
A very short duration in economics during which the supply of a good is fixed and cannot be adjusted in response to changes in demand.
Long Run
The long run is a period of time in economics where all inputs and factors of production can be varied, allowing companies to adjust all their resources.
Short Run
A period in economics during which at least one input, such as plant size or capital, is fixed, limiting the capacity to adjust to changes in demand or production volume.
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