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The short-run refers to a period of time in which at least one input is fixed, meaning it cannot be changed. This can range from a few months to a year.
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Long-run: Refers to a period of time in which all inputs can be varied or adjusted. It allows for more flexibility in decision-making.
Variable inputs: Inputs that can be adjusted or changed in the short-run. Examples include labor and raw materials.
Total costs: The sum of fixed costs and variable costs incurred by a firm in producing goods or services.