'Long run atc curve' presentation slideshows

Costs and the Evolution of Firms over Time

Costs and the Evolution of Firms over Time. When economists examine firms over time they must define the Short Run and Long Run. Short Run Only some inputs (e.g. labor) can be adjusted Not enough time to adjust all inputs (such as capital) Long Run

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Economic Costs

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Unit 3 : Reading Quiz # 7 : 5 points

1. To economists the main difference between the short run and the long run is that: A) the law of diminishing returns applies in the long run, but not in the short run. B) in the long run all resources are variable, while in the short run at least one resource is fixed.

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