Asked by
Badison Shaker
on Nov 04, 2024
Verified
In the short run, firms can enter an industry but not exit an industry.
Industry Entry
The process by which a new competitor or business enters into an industry, facing various barriers such as high startup costs, regulatory requirements, and competition.
Short Run
A period of time during which at least one of a firm's inputs is fixed and cannot be changed.
- Fathom the nuances distinguishing the short run from the long run within the realm of production and enterprise choices.
- Understand the entry and exit of firms in the short run and long run.
Verified Answer
MG
Learning Objectives
- Fathom the nuances distinguishing the short run from the long run within the realm of production and enterprise choices.
- Understand the entry and exit of firms in the short run and long run.