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Question
The difference between the short run and the long run is
A) economic profits are negative in the short run and positive in the long run.
B) economic and accounting profits are not equal in the short run but are equal in the long run.
C) that in the short run at least one factor of production cannot be varied while in the long run all factors of production can be varied.
D) the short run is a period less than a year while the long run is a period greater than a year.
Answer
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