The expansion path graphs how the firm can expand output while holding total cost constant.
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Q70: A difference between the short run and
Q71: The isoquant is tangent to the isocost
Q72: The long-run is a time period in
Q73: The short-run is one month or less.
Q74: The distance between the isoquant and the
Q76: The expansion path graphs the combinations of
Q77: The isocost line lies to the interior
Q78: The long-run is more than three months.
Q79: The short-run is three months or less.
Q80: The long-run is one year or longer.
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