Answer1:

Distinguish between industry demand and firm demand :

Industry demand is subject to general economic conditions. Firm demand is determined by economic
conditions and competition.

Difference between short run demand and long run demand:

The long run is the conceptual time period in which there are no fixed factors of production, as to changing
the output level by changing the capital stock or by entering or leaving an industry. The long run contrasts
with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an
industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates,
and expectations adjust fully to the state of the economy, in contrast to the short run when these variables
may not fully adjust.

Difference between Durable and Non-Durable Goods:

Durable and non-durable goods are the terms which are used in the context of economics. To understand
both the term better one should know the differences between the two, given below are some of the
differences between durable and nondurable goods:

1. Durable goods are those which do not wear out easily and therefore they can be used for long period time
while nondurable goods are those which wear out easily and therefore they can be used for short period of
time only.
2. Durable goods can be used many number of times while nondurable products can used for only limited
number of times in some cases only once.
3. Durable goods can be resold after some years while in case of nondurable products such opportunity does
not exist.