The structure of costs in the long run

πρόσθεσε ένα νέο άρθρο Financial Services

2023-04-21 19:23:14 -

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 the level of output...

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