QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? O 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. 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? O 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. Short-run solutions tend to have more implicit costs.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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