Answer) Short-run:- The short-run is a duration of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be altered.
Long run:- The long run is a period of time in which the quantities of all inputs can be modified.
Explicit cost:- Explicit costs are out of pocket expenses for a firm, for instance, payments for wages and salaries, rent, or materials.
Implicit cost:- Implicit expenses are the opportunity cost of resources already owned by the firm and used in business—for instance, developing a factory onto land already owned.
Inferior Good:- An inferior good is an economic term that describes a good whose demand declines when people's incomes increase.
A normal good:- In economics, a normal good is any good for which demand increases when income increases.
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