Examlex
This diagram indicates that:
Short Run
A period in economics where at least one factor of production is fixed and cannot be altered.
Inputs
Resources such as labor, materials, and capital used in the production process to create goods or services.
Existing Firms
Companies or businesses that are currently in operation within a particular market or industry.
Fixed Cost
Expenses that do not change with the level of output or sales in the short term, such as rent, salaries, and insurance.
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