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Distinguish between a firm in the short run and long run.

Asked by Topperlearning User 25th April 2016, 2:20 PM
Answered by Expert

A firm cannot vary all the inputs in the long run. All the factors of production can be varied in the long run. Therefore, there is no fixed input in the long run.

Answered by Expert 25th April 2016, 4:20 PM
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