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The more certain private property rights are,
a. the less people need to invest in education or human capital development.
b. The less entrepreneurship there will be.
c. the more capital accumulation there will be.
d. the more an economy must grow to maintain a certain living standard.
Explain why P=MC in the short-run equilibrium of the perfectly competitive firm, whereas in the long-run equilibrium P=MC=AC.
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