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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

It is clear that businesses operate in the short run, but do they ever operate in the long run? Discuss.

To determine

It is clear that businesses operate in the short run, but do they ever operate in the long run?

Explanation

In short run fixed as well as variable cost are there. Fixed costs are costs that remains fixed irrespective of the level of production.

Variable costs are the costs that vary with the production. Like the labor, rent etc. greater the production, more is the cost.

In long run the company will decide its alternative technologies for its input, for an efficient output. The companies will its way to produce to its lowest cost possible and that’s when economies of scale come to play...

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