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What do learn by study the supply curve concepts?
a. The relationship in between quantity of inputs and output
b. Why production is frequently subject to reducing returns to inputs
c. What the different forms of a firm’s costs are and how they produce the firm’s marginal as well as average cost curves
d. Why a firm’s costs may be different in the short run versus the long run
e. How the technology of firm of production can produce economies of scale
Four aspects are interesting when we look at inflation data for Sweden During 1800s, when Sweden was primarily an agricultural society, deflation where almost as common as
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