Examlex
In the chick embryo, which structure functions as the blastopore?
Short Run
A period during which at least one factor of production is fixed, leading to limitations in output adjustment.
Long Run
A period of time in which all factors of production and costs are variable, allowing for full industry adjustment to changes.
Minimum ATC
This refers to the lowest point on the average total cost curve, representing the most efficient scale of operation for a firm.
Short Run
refers to a period in which at least one input in the production process is fixed and cannot be changed.
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