Examlex
Why is children's speech sometimes referred to as telegraphic?
Short Run
A period in economics where the output is influenced by the level of production capacity, and certain economic conditions or costs cannot change.
Long Run
In economics, a period in which all inputs can be adjusted by firms, and there are no fixed costs, allowing for full industry adjustment.
Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, begins to decrease.
Marginal Cost
The change in total production cost that arises when the quantity produced is incremented by one unit.
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