What is the difference between a hotel shutting down in the short-run and exiting the market in the long-run? What are some reasons the hotel might shutdown in the short run but not exit the market?
The difference is that in the short run the revenues are always less than the total costs, where the price is less than the... View the full answer
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At first you need to understand between short run shut down and long term exit to respond to the... View the full answer
A short run is the time period when a firm can only vary its variable inputs. However in the long run a firm can alter its... View the full answer