Long-Run vs. Short-Run: labor in action
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Title: Long-Run vs. Short-Run: labor in action

Essay Details:

Subject: Business
Author: Carolyn T
Date: June 17, 2013
Level: University
Grade: A
Length: 6 / 1752

Essay text:

It has been noted that many countries are using, buying and importing foreign cars for many reasons, but many do not understand that these cars are built and directly sold in their country. The only difference that is seen here is that there are two different types of firms. There is a short-run and a long-run. A short-run company has a specific period of time where the product of at least one input is fixed and the rest of the factors can be varied (The American Heritage Dictionary). The long-run company is where all the quantities of all the factors of production used in the production process can be changed (The American Heritage Dictionary)...

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