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QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? ◇ Long-run decisions cannot be changed once approved. It takes more time to alter some inputs than others. Accountants track short-run but not long-run costs. O Short-run solutions tend to have more implicit costs.

QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? ◇ Long-run decisions cannot be changed once approved. It takes more time to alter some inputs than others. Accountants track short-run but not long-run costs. O Short-run solutions tend to have more implicit costs.

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 21PAE
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QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? ◇ Long-run decisions cannot be changed once approved. It takes more time to alter some inputs than others. Accountants track short-run but not long-run costs. O Short-run solutions tend to have more implicit costs.
Transcribed Image Text:QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? ◇ Long-run decisions cannot be changed once approved. It takes more time to alter some inputs than others. Accountants track short-run but not long-run costs. O Short-run solutions tend to have more implicit costs.
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