Discuss the differences between the short run and long run from the perspective of producers and form the perspective of consumer.

Explain the differences between shortages and scarcity. In answering this question, you should consider the difference between the short run and long run in economic analysis.

Why do you think it is important for managers to understand the mechanics of supply and demand both in short run and in the long run.? Give examples of companies whose business was either helped or hurt by changes in supply or demand in the markets in which they are competing.