Asked by Vasilis Lymberis on Jun 13, 2024
Verified
What are the differences between the short run, long run, and very long run?
Short Run
A period of time in which at least one input, typically capital, is fixed, and producers can only adjust the variable inputs like labor.
Long Run
A period in economics during which all inputs and operations can be varied, allowing for the adjustment to changes in market conditions or demand.
Very Long Run
In microeconomics, a period of time long enough that technology can change and firms can introduce new products.
- Outline the differences between invention, innovation, and diffusion with respect to technology advancement.
Verified Answer
Jun 15, 2024
Learning Objectives
- Outline the differences between invention, innovation, and diffusion with respect to technology advancement.
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