an abstract time period (in the THEORY OF SUPPLY) long enough for all FACTOR INPUTS to be varied, but within an existing technological framework (known production methods). Thus, the firm's plant size, which is fixed in the short run, can now be altered to allow for an increased scale...
very long run an abstract time period in theTHEORY OF SUPPLYallowing for the technological framework (known production methods) under which firms operate to change as a result of newINVENTIONSand knowledge. See alsoSHORT RUN,LONG RUN,INNOVATION,TECHNOLOGICAL PROGRESSIVENESS,RESEARCH AND DEVELOPMENT. ...
Learn about short run vs. long run economics. Examine the definitions of short run and long run economics, and study examples of short and long run...
Long run长期:is when all factors of production are variable. Very long run极长期:is when all factors of production are variable and additional factors such as technology, government policies, social customs. Fixed costs固定费用:costs which do ...
Tutsi high jumpers of Rwanda and Burundi soared to heights that might have seemed incredible had not the jumpers been photographed in flight by members of Adolf Friedrich zu Mecklenburg’s anthropological expedition at the turn of the 20th century. Long before European conquest introduced modern ...
9. (Tools) any of various devices with a straight edge for guiding or measuring; ruler: a carpenter's rule. 10. (Printing, Lithography & Bookbinding) a. a printed or drawn character in the form of a long thin line b. another name for dash113: en rule; em rule. c. a strip ...
The Phillips Curve in the Short Run Lesson Summary Frequently Asked Questions Is the Phillips curve short or long run? The curve is only short run. In the short run, high unemployment corresponds to low inflation. Similarly, a high inflation rate corresponds to low unemployment. In the long...
The doctrine of double effect, as Foot herself pointed out, isvulnerableto counterexamples if it is formulated too broadly as the principle that actions that have foreseeable bad consequences are morally permissible as long as those consequences are not directly intended—i.e., as long as they ar...
What Is the Long Run? The long run is a situation in economics wherein all factors of production and costs are variable. The long run allows firms to operate and adjust all costs. There are also a variable number of producers in the market, which means firms are able to enter and leave...
The short run as a constraint differs from the long run. In the short run, leases, contracts, and wage agreements limit a firm's ability to adjust production or wages to maintain a rate of profit. In the long run, there are no fixed costs; costs find balance when the combination of o...