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Difference between the short run and the long run

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Reference no: EM131273781

1) A competitive firm currently produces and sells 7,500 units of output at a price of $2.50 per unit. The firm's average fixed cost is $0.75 and its average total cost is $2.80. In the short run, should the firm continue to operate?

2) Explain the difference between the short run and the long run in terms of the number of firms in a competitive market.

Reference no: EM131273781

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