Explain the difference between production in the short run and production in the long run.
-What happens to output in the short-run as production increases? What inputs are "fixed" and which input is variable in the short-run? How does this explain diminishing marginal productivity?
Correct Answer:
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Q18: Whats defention of terms:
-marginal product of labor
Q19: Whats defention of terms:
-total product
Q20: Describe inputs into production and use the
Q21: Describe inputs into production and use the
Q22: Explain the difference between production in the
Q24: Explain the difference between production in the
Q25: Describe challenges faced by U.S. businesses as
Q26: Describe challenges faced by U.S. businesses as
Q27: Discuss the critiques of the neoclassical notion
Q28: Discuss the critiques of the neoclassical notion
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