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1Explain why a Supply curve has different elasticities in the short run and in the long run 2 Give an example of an industry which
1Explain why a Supply curve has different elasticities in the short run and in the long run
2 Give an example of an industry which experiences constant returns to scale and an industry experiencing increasing returns to scale.
3 Distinguish between the short run and long run costs of production.
4 Briefly compare the main features of a Market Economy with a Command Economy.
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