The structure of costs in the long run

σε πρόσθεσε στο Financial Services

2023-02-22 16:50:59 -

Key points A production technology is the specific combination of labor, physical capital, and technology that makes up a particular method of production. In the long run, firms can choose their production technology, so all costs become variable costs. Economies of scale refers to a situation where the average cost decreases as...

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