Examlex
The IT department of Detroit University decides to create a website with the primary goal of facilitating offline relationships with students. Which of the following would best help the university to reach this goal?
Short Run
A period in which at least one input or factor of production is fixed, allowing only some inputs to change.
Long Run
A period of time in economics during which all inputs and factors of production can be adjusted, allowing for full industry adjustment to changes.
Production
The process of combining inputs to make goods or services.
LAC Curves
The Long-Run Average Cost curves, which show the minimum average cost of production at different levels of output.
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