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SHORT RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm.
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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for attractive cable television service repair people.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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ACBS
Accrediting Commission for Business Schools
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