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What Is the Difference Between the Short Run and the Long

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Essay

What is the difference between the short run and the long run? What is the appropriate time dimension of the long run?


Definitions:

Color

The characteristic of visual perception described through hue, saturation, and brightness.

Hematite

An iron oxide mineral with a metallic luster and reddish-brown streak, commonly used as an ore of iron.

Magnetite

A magnetic mineral form of iron(II,III) oxide, often found in igneous and metamorphic rocks.

Quartz

A hard, crystalline mineral composed of silicon dioxide, widely used in jewelry and as an industrial abrasive.

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