In long-run production function, we assume that: Capital and technology are fixed, but firms can add labor

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In long-run production function, we assume that:

		Capital and technology are fixed, but firms can add labor to increase output.
		Capital and labor are fixed, but firms can change the technology they use to increase output.
		Labor and technology are fixed, but firms can add capital to increase output.
		Technology is fixed, but firms can add both labor and capital to increase output
		Capital, labor, and technology are fixed and output can be decreased but not increased.

Related Book For answer-question

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Microeconomics An Intuitive Approach with Calculus

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Feb 09, 2024 05:18 AM

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