Explain why the long-run cost is less than or equal to the short-run cost.

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Answer 1

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Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

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Answer 2

Question

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

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Answer 3

Question

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

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Answer 4

Question

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

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Answer 5

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

Answer 6

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

Answer 7

Chapter 12, Problem 9QE

To determine

Explain why the long-run cost is less than or equal to the short-run cost.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 12.1 - Prob. 1Q Ch. 12.1 - Prob. 2Q Ch. 12.1 - Prob. 3Q Ch. 12.1 - Prob. 4Q Ch. 12.1 - Prob. 5Q Ch. 12.1 - Prob. 6Q Ch. 12.1 - Prob. 7Q Ch. 12.1 - Prob. 8Q Ch. 12.1 - Prob. 9Q Ch. 12.1 - Prob. 10Q

Explain why the long-run cost is less than or equal to the short-run cost.

Solution Summary: The author explains that in a market, long-run costs are lower than or equal to the short run cost because in the long run, all the factors of production are variable.

Explain why the long-run cost is less than or equal to the short-run cost.

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Chapter 12 Solutions