Examlex
A seasonal index for a monthly series is about to be calculated on the basis of three years' accumulation of data.The three previous July values were 110,135,and 130.The average over all months is 160.What is the approximate seasonal index for July?
Perfect Mobility
The theoretical condition in which factors of production such as labor and capital can be moved without any barriers between industries or geographical locations.
Perfect Knowledge
A theoretical situation in which all participants in a market have complete and accurate information about past, present, and future conditions.
Short Run
A period in economics where at least one factor of production is fixed, leading to limited adjustments in production or operation.
Long Run
An economic phase where every production factor and cost can adjust completely to alterations, due to their variable nature.
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