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LONG PERIOD ANALYSIS:
Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. Here in this part, we assume both L and K to be variable factors. Therefore, the production function would be:
q = F(L, K)
The producer can now employ L and K units at her will to produce output q as per the production technology. Therefore, in the K - L input space the producer can choose any combination of K and L to produce output.
Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o
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implications of varios market structure for price determination
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what are the majotr sources of monopoly
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