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SHORT RUN, MICROECONOMICS: 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. You should compare and contrast the short run with long-run production, very long run, and market period. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm. In this context, the variable input is typically labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply.
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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS: In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost. See also | perfect competition, long-run production analysis | perfect competition, long-run equilibrium conditions | long-run industry supply curve | increasing-cost industry | decreasing-cost industry | constant-cost industry |  Recommended Citation:PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 22, 2025]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: perfect competition, long-run production analysis
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OUTPUT GAPS Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for mail order catalogs with hidden messages. Your Complete Scope
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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SOFFEX Swiss Options and Financial Futures Exchange
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