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Explain why a supply curve has different elasticities

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Reference no: EM132661431

1 Explain why a Supply curve has different elasticities in the short run and in the long run

2 Give an example of an industry which experiences constant returns to scale and an industry experiencing increasing returns to scale .

3 Distinguish between the short run and long run costs of production .

4 Briefly compare the main features of a Market Economy with a Command Economy .

Reference no: EM132661431

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