The structure of costs in the long run

Ajout d’un nouvel article Financial Services

2023-07-14 18:27:19 -

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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