Can there be variable factors in …
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Yogita Ingle 6 years, 8 months ago
Long run: Long run is the period in which all the factors of production can be changed to change the output. In a long run, the output can be increased by increasing both variable factors and fixed factors of production. Firms can change fixed factors of production in the long run.
Output in the long run can be changed by changing the variable and fixed factors of production.
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