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Fixed factor of production and firms

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Reference no: EM131039938

The short run, as economists use the phrase, is characterised by:

a) all inputs being variable.

b) at least one fixed factor of production and firms neither leaving nor entering the industry.

c) a period where the law of diminishing returns does not hold.

d) no variable inputs - that is, all of the factors of production are fixed.

Reference no: EM131039938

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