In reality, it is very easy for firms to estimate their demand and cost functions.

Name: In reality, it is very easy for firms to estimate their demand and cost functions.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Estimating demand and cost functions involves collecting data, conducting analysis, and making assumptions. This process can be complex and time-consuming, and may require specialized knowledge and skill. Therefore, it is not always easy for firms to accurately estimate their demand and cost functions.

In Reality, It Is Very Easy for Firms to Estimate