In response to a change in demand, a firm can employ more or fewer variable inputs, but not alter the capacity of its factory, in the short run.
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Q1: The short run is a period in
Q3: The long run is a period in
Q4: A production function specifies the minimum amount
Q5: The marginal product of labor is equal
Q6: The principle that explains the rising portion
Q7: If the addition of yet ever more
Q8: A technological change that increases productivity shifts
Q9: A technological change that decreases productivity results
Q10: Managers often refer to their fixed costs
Q11: Average total cost is total cost per
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