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Long-Run Cost Function
A representation of the total cost associated with producing a given level of output when all inputs, including capital, can be varied.
Positive Output
A situation in which an economic model or production process results in a positive amount of goods or services being produced.
Supply Function
A mathematical relationship that shows the quantity of a good or service that producers are willing and able to sell at different prices.
Long-Run Cost Function
A graphical or mathematical representation that shows the lowest cost at which a firm can produce any given level of output in the long run, when all inputs are variable.
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