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in Concept of Production by (56.2k points)

The short-run, as economists use the phrase, is characterized by : 

(a) at least one fixed factor of production and firms neither leaving nor entering the industry 

(b) a period where the law of diminishing returns does not hold 

(c) no variables inputs that are all of the factors of production are fixed 

(d) all inputs being variable

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(a) at least one fixed factor of production and firms neither leaving nor entering the industry

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