Examples of long-run in the following topics:
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- In economics, "short run" and "long run" are not broadly defined as a rest of time.
- In the long run there are no fixed factors of production.
- The long run is a planning and implementation stage for producers.
- The main difference between long run and short run costs is that there are no fixed factors in the long run; there are both fixed and variable factors in the short run .
- This graph shows the relationship between long run and short run costs.
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- In the long-run, firms change supply levels in response to expected economic profits or losses.
- In the long-run, there is exactly one quantity that will be supplied.
- The long-run aggregate supply curve can be shifted, when the factors of production change in quantity.
- The equation used to calculate the long-run aggregate supply is: Y = Y*.
- Assess factors that influence the shape and movement of the long run aggregate supply curve
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- Government activity and policies have a direct impact on long-run growth.
- The long-run economic growth is determined by short-run economic decisions.
- Government activity and policies have a direct impact on long-run growth.
- Long-run growth can be redirected and improved when changes are made to short-run actions.
- Government activity impacts long-run growth.
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- In the short-run, the price level of the economy is sticky or fixed; in the long-run, the price level for the economy is completely flexible.
- The long-run supply curve is static and shifts the slowest of all three ranges of the supply curve.
- The long-run is a planning and implementation stage.
- The aggregate supply moves from short-run to long-run when enough time passes such that no factors are fixed.
- Recognize the role of capital in the shape and movement of the short-run and long-run aggregate supply curve
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- In the long run, firms in monopolistic competitive markets are highly inefficient and can only break even.
- In the long-run, a monopolistically competitive market is inefficient.
- First, that the firms in a monopolistic competitive market will produce a surplus in the long run.
- In the long run, a firm in a monopolistic competitive market will product the amount of goods where the long run marginal cost (LRMC) curve intersects marginal revenue (MR).
- Explain the concept of the long run and how it applies to a firms in monopolistic competition
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- In the long-run, the aggregate supply is graphed vertically on the supply curve.
- The equation used to determine the long-run aggregate supply is: Y = Y*.
- The long-run aggregate supply curve is vertical which reflects economists' beliefs that changes in the aggregate demand only temporarily change the economy's total output.
- In the long-run, only capital, labor, and technology affect aggregate supply because everything in the economy is assumed to be used optimally.
- The long-run aggregate supply curve is static because it is the slowest aggregate supply curve.
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- The long-run supply curve of a market is the sum of a series of short-run supply curves in the market ().
- Prior to determining how the long-run supply curve looks, its important to understand short-run supply curves.
- A market's long-run supply curve is the sum of the market's short-run supply curves taken at different points of time.
- As a result, a long-run supply curve for a market will look very similar to short-run supply curves for a market, but more stretched out; the long-term market curve will a wider "u."
- Describe the long-run market supply curve of a perfectly competitive market
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- Foreign currency exposures are categorized as transaction/ short-run exposure, economic/ long-run exposure, and translation exposure.
- Foreign currency exposures are generally categorized into the following three distinct types: transaction (short-run) exposure, economic (long-run) exposure, and translation exposure.
- A firm has economic exposure / long-term exposure to the degree that its market value is influenced by unexpected exchange rate fluctuations.
- DAX appreciated in the early 2008, presenting a short-run exchange exposure to companies paying DAX to its suppliers.
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- The short-run Phillips curve depicts the inverse trade-off between inflation and unemployment.
- The long-run Phillips curve is a vertical line that illustrates that there is no permanent trade-off between inflation and unemployment in the long run.
- Therefore, the short-run Phillips curve illustrates a real, inverse correlation between inflation and unemployment, but this relationship can only exist in the short run.
- The idea of a stable trade-off between inflation and unemployment in the long run has been disproved by economic history.
- Contrast it with the long-run Phillips curve (in red), which shows that over the long term, unemployment rate stays more or less steady regardless of inflation rate.
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- When a firm is transitioning from the short run to the long run it will consider the current and future equilibrium for supply and demand.
- The transition involves analyzing the current state of the market as well as revenue and combining the results with long run market projections.
- Exiting an industry is a long term decision.
- The short run supply curve is used to graph a firm's short run economic state .
- Compare factors that lead to short-run shut downs or long-run exits