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Suppose that Jack owns his own firm. He uses only two inputs in his business: his hours worked (labor) and a computer (capital). In the
Suppose that Jack owns his own firm. He uses only two inputs in his business: his hours worked (labor) and a computer (capital). In the short run, Jack most likely considers
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both labor and capital to be fixed.
labor to be variable and capital to be fixed.
both labor and capital to be variable.
capital to be variable and labor to be fixed.
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