short run

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A period in which some things cannot be changed, but which could be changed given more time. In the short run, for example, a firm can buy more materials or fuel, and can hire more unskilled workers, but does not have time to build new plant or to recruit and train more skilled workers or managers. The short run is contrasted with the medium run, in which more things, but not everything, can be changed, and with the long run, in which everything can be changed that can ever be changed at all. Short-run supply and demand curves typically have lower elasticity than the corresponding long-run curves.

Subjects: Economics.

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