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Which of the following critical issues is NOT correctly paired with its timing horizon?
Short-run Average Cost
The total cost divided by the quantity of output produced, in the short term when at least one input is fixed.
Long-run Average Cost
The per-unit cost of production in the long term, where all inputs can be varied and economies of scale can be achieved.
Substitution
Substitution refers to the economic principle where users replace one good or service with another in response to changes in price, technology, or consumer preferences.
Product Transformation Curve
Curve showing the various combinations of two different outputs (products) that can be produced with a given set of inputs.
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