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July 11, 2025 

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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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MULTILATERAL: An action, often used in terms of an international trade agreement, that's extended to more than two parties. As such, a multilateral trade agreement is between several countries. For example, the United States might enter into a multilateral agreement with every country in North and South America that reduces trade barriers on the exports and imports of food products. The General Agreement on Tariffs and Trade is one of the more well known examples of a multilateral trade agreement.

     See also | foreign trade | trade barriers | export | import | General Agreement on Tariffs and Trade | bilateral | most-favored nation | unilateral |


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COEFFICIENT OF ELASTICITY

A numerical measure of the relative response of one variable to changes in another variable. The coefficient of elasticity is used to quantify the concept of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross elasticity of demand. The coefficient can be calculated using the simple endpoint or midpoint formulas or with more sophisticated calculus and logarithmic techniques.

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