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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

Do entry and exit occur in the short run, the long run, both, or neither?

To determine

Whether entry and exit occur in short run, long run, both or neither.

Explanation

Both entry and exit are time consuming activities. They are not possible in a short period of time. Hence, they take place in the long run. In the long run, all the inputs are variable. The firms are flexible with respect to their production based decisions...

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