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Which of the following statements is true? A. In the long run, the total variable cost equals the total fixed cost. B. In the long run, the quantities of all inputs are fixed. C. In the long run, the average cost curve is always downward sloping. D. In the long run, all costs are variable costs.
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In the long run, a perfectly competitive firm will earn A. a...
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Would you usually expect elasticity of demand or supply to be higher in the short run or in the long run? Why?
