Economists define the long run as any production time period lasting over one year.
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Q1: An economic profit of zero indicates a
Q2: The period of time that is too
Q3: The law of diminishing marginal product provides
Q4: Ray Tucker has run his company,Tucker's Towing
Q7: Total cost equals total variable cost plus
Q8: If a firm experiences economies of scale,the
Q9: Economic profit always exceeds accounting profit.
Q10: Diseconomies of scale are present when the
Q11: In the short run,all costs are variable.
Q140: In the long run,all costs are variable.
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