Explain why a long-run production function is three-dimensional and a short-run production function is two-dimensional.
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Q21: The vertical sum of the short-run average
Q22: The _-run total cost of producing any
Q23: When SRMC is greater than SRAC, the
Q24: Because the fixed costs of production do
Q25: When SRMC is lower than SRAC, the
Q27: For every quantity of output, there is
Q28: The _ curve is the _ boundary
Q29: In the long run, the total cost
Q30: At quantities larger than the quantity where
Q31: Producers can vary the capital they use
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