1. Explain the difference between short run and long run as they are used in economics.
3. Describe and explain a perfectly competitive firm's short run supply curve.
4. Describe characteristics of a perfectly competitive market.© BrainMass Inc. brainmass.com October 9, 2019, 10:06 pm ad1c9bdddf
In the long run, all inputs into the production process can be varied. In the short run, one one input (usually labor) can be varied. This has implications as far as how profitable the firm can be in changing circumstances, and whether it should close when it's losing money on each additional item sold.
Economies of scale occurs when a firm is able to reduce its per unit cost of production with each ...
Economies and diseconomies of scale and relationship to short and long run.