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A Characteristic of the Long Run That Is Not Available

question 299

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A characteristic of the long run that is not available in the short run is that a firm is free to vary its output.


Definitions:

Timeliness

The quality or habit of occurring, acting, or being done at the appropriate or planned time.

Availability

The state of being ready for use or accessible for a certain purpose or need.

Performance Contingency

A condition where the outcome or rewards depend on the level of performance achieved.

Consistency

The quality of always acting or behaving in the same way, leading to predictability in one's actions or responses.

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