Explain the difference between long-run and short-run costs.
-How do short-run and long-run costs differ? Why?
Correct Answer:
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Q12: Whats defention of terms:
-zero economic profit
Q13: Whats defention of terms:
-diseconomies of scale
Q14: Whats defention of terms:
-economies of scale
Q15: Whats defention of terms:
-long-run average costs (LRAC)
Q16: Whats defention of terms:
-optimal plant size
Q18: Explain the difference between long-run and short-run
Q19: Explain the difference between long-run and short-run
Q20: Define and graph fixed, variable, average, and
Q21: Define and graph fixed, variable, average, and
Q22: Explain the relationship between the costs of
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