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Unformatted text preview: Thus, most of the firms workers may accept a pay cut in the short run, but once their fixed commitments are gone, the long run response may be different. For some firms or individuals the short run may be only a week or a month, while for others the short run may be years. The exact length of the short run depends on the length of the fixed commitments people face in a given situation. The material above has been excerpted from: Introduction to Economic Principles by Mabry and Ulbrich, McGraw-Hill Book Company, 1989. ISBN: 0-07-044797-7, page 16....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.
- Fall '10