Distinguish between the short run and the long run as they relate to macroeconomics. Why is the distinction important

On the short run production and employment is affected while on the long run the norminal variables are affected

Explanation:

Many macroeconomic models have it that the tools of monetary and fiscal policy have effects on the economy, affecting production and employment in the short run but in the long run it only affect nominal variables as price and this nominal rates has no influence on real economic quantities

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

answer; according to the ( irs );