24 Nov 2021
Problem 35
Page 183
Section: CRITICAL THINKING QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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24 Nov 2021
Introduction
Long run is defined as the time period in which there are no barriers to the entry and exit from an industry.
Short run is defined as the time period in which some factors are fixed and others are variable, there are constraints of entry or exit from an industry.
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