Why would you expect the time length of a long run to be different for different firms?
Answer to relevant QuestionsThe average fixed-cost curve is downward sloping, approaching zero. Why? Why would a firm switch from one short-run average total cost structure to another? Complete the table. What rule should the firm use in deciding when to shut down production in the short run? In the long run? What is the relationship between cross elasticities of demand and the identification of specific goods to specific markets?
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