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    fixed and variable costs

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    What's the difference between the short run and the long run? In which case are there fixed and variable costs of production and in which case are there only variable costs?

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    Short run period is a period of imperfect adjustment to a situation perceived as temporary.

    The short run is a period of time when there is at least one fixed factor of production. This is usually fixed capital such as machinery and the amount of factory space available.

    Thus in short run, output increases when more units of variable ...

    Solution Summary

    Assess fixed and variable costs.