Tamilnadu BoardEnglish MediumSTD 11EconomicsProduction Analysis3 Marks
Question
Differentiate the short period and long period.
✓
Answer
The short-run is the period where some inputs are variable. Another feature is that firms do not enter or exit the industry. The long-run is the period where all the inputs are variable. It is featured by the entry of new firms and the exit of existing firms from the industry.
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