ECON1131 Lecture Notes - Lecture 54: Production Function, Marginal Product
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5 Dec 2017
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The distinction between the short-run and the long-run for a perfectly competitive firm or a monopolist is that:
Ā | a. in the short-run all inputs are fixed whereas in the long-run no inputs are fixed |
Ā | b. in the short-run all inputs are variable whereas in the long-run all inputs are fixed |
Ā | c. in the short-run at least one input is fixed whereas in the long-run all inputs are fixed |
Ā | d. in the short-run at least one input is fixed whereas in the long-run no inputs are fixed |