The structure of costs in the short run

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2023-02-08 12:03:24 -

Key points Looked at from a short-run perspective, a firm’s total costs can be divided into fixed costs, which a firm must incur before producing any output, and variable costs, which the firm incurs in the act of producing. Fixed costs are sunk costs—because they are in the past and cannot be altered, they should play no role in economic decisions...

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