Asked by
Emilee Spangler
on Oct 27, 2024Verified
In the short run,the fixed costs of running a farm should play no role in determining the level of production.
Short Run
A period in economics during which some factors of production or inputs are fixed, influencing decisions on production and costs.
Fixed Costs
Costs that do not vary with the level of production or sales and must be paid regardless of the quantity produced or sold.
Farm
An area of land and its buildings, used for growing crops and raising animals.
- Analyze the decisions made by businesses in the short term and over a longer horizon with regard to fixed outlays.
Verified Answer
NR
Learning Objectives
- Analyze the decisions made by businesses in the short term and over a longer horizon with regard to fixed outlays.
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