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If the price of labor increases by 25 percent, but all other input prices remain the same, would the long-run total cost at a particular
If the price of labor increases by 25 percent, but all other input prices remain the same, would the long-run total cost at a particular output level go up by more than 25 percent, less than 25 percent, or exactly 25 percent?
If the prices of all inputs went up by 50 percent, would long-run total cost go up by more than 50 percent, less than 50 percent, or exactly 50 percent?
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