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VERY SHORT RUN, MICROECONOMICS: A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 10 of 21

Topic: AD Increase: Short Run <=PAGE BACK | PAGE NEXT=>

The short-run equilibrium is given by the intersection of the negatively sloped AD curve and the positively-sloped SRAS.
  • An increase in AD and results in a new short-run equilibrium.
  • At the new equilibrium, both real production and the price level increase.
  • Real production can increase above full employment -- in the short run.
  • This shift gives us an intermediate point from one long-run equilibrium to another.

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LONG-RUN TOTAL COST

The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.

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