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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

If the short run is six months, does it follow that the long run is longer than six months? Explain your answer.

To determine

Explain the short-run period and long-run period.

Explanation

In general, the short-run period and long-run period are not the length of time. In an economy, the short run is the period in which some inputs are fixed. Thus, in short run, a firm has some fixed cost...

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