Examlex
Which of the following devices can be used as the sensor in AEC units?
Long Run
A period of time in which all factors of production and costs are variable, allowing for full industry adjustment to changes.
Minimum ATC
This refers to the lowest point on the average total cost curve, representing the most efficient scale of operation for a firm.
Short Run
refers to a period in which at least one input in the production process is fixed and cannot be changed.
Long Run
A period in economics where all factors of production and costs are variable, allowing companies to adjust to new conditions.
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