Economics Part V

a period of time certain production conditions hold constant or fixed

Short run

a period of time certain production conditions are variable or can be changed

Long run

means that only the price has changed and a new quantity is supplied along a constant supply curve

CHANGE IN QUANTITY SUPPLIED

means that the position of the supply curve has changed due to a change in other factors of supply

CHANGE IN SUPPLY - or a SHIFT in supply

zfinancial charg imposed on an individual or an entity by the government

tax

type of financial government assistance(such as a grant or tax break)

subsidy