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Explain the meaning of fixed costs. Provide a few examples of firms' costs that are likely to be fixed in the short run. Describe what

Explain the meaning of fixed costs. Provide a few examples of firms' costs that are likely to be fixed in the short run. Describe what the graphs of both total fixed cost and average fixed cost would look like. What is the relationship between Average Total Cost, Average Variable Cost, and Average Fixed Cost? What costs are fixed over the long run?

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