Journal of Political Economy, Vol. 61, No. 1 (Feb., 1953), pp. 25-42 (18 pages) ...the element of time, the source of many of the greatest difficulties in economics.--Alfred Marshall. The actual ...
The short run in economics refers to a period when at least one factor of production remains fixed, limiting a business’s ability to fully adjust to changes in demand or costs. For example, a factory ...
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