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In the context of labor demand, the distinguishing characteristic of the long run is that capital is a variable input . the wage rate ,
In the context of labor demand, the distinguishing characteristic of the long run is that capital is a variable input . the wage rate , the price of capital , and the product price are fixed at their competitive values . the firm is able to maximize profit the firm has enough time to innovate
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International Economics
Authors: Dennis Appleyard, Alfred Field
8th Edition
978-0078021671, 0078021677
