Hi there. can you please assist on the following question define the following 1. Short -run poeriod 2.Collusion 3. price elasticity of demand
Hi there. can you please assist on the following question
define the following
1. Short -run poeriod
2.Collusion
3.
1. Short-run Period
The principle of the short run asserts that at least one input is constant and the others are dynamic within a given time frame. It conveys the idea how an economy operates differently based on how long it takes to respond to particular stimuli in economics. The term "short run" does not focus on a particular time period, rather than to the firm, sector, or economic component under consideration.
The fact that enterprises encounter both variable and fixed costs in the short run means that output, wage, and pricing do not even have complete freedom to achieve a new equilibrium is a basic assumption underlying the concept of the short run and the long run.
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