Long-run cost curves are always lower than short-run cost curves because the firm has the flexibility to chang?
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Long-run cost curves are always lower than short-run cost curves because the firm has the flexibility to change both labor and capital in the long run. true false
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Answer:
True, so it can avoid diminishing returns (a short run phenomena). However, it will then have to deal with returns to scale, which may be increasing, decreasing or constant. (a long run phenomena)
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