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Unformatted text preview: The short run is a period of time for which two conditions hold: 1. Firm is operating under a fixed scale (fixed factor) of production and 2. Firms can neither enter nor exit an industry. In the short run, all firms have costs that they must bear regardless of their output. These kinds of costs are called fixed costs. Page 104...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
- Fall '10