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Why are long-run costs always lower than short-run costs? Answer: In the long-run the inputs of all the factors of production can be varied by

Why are long-run costs always lower than short-run costs? Answer: In the long-run the inputs of all the factors of production can be varied by the firm, consequently, firms can combine the factors of production more ______________ and, therefore, costs in the long-run are lower than in the short-run

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