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What is Fixed Costs vs. Variable Costs Explained about?

Fixed costs become variable in the long run due to differences between short and long-term time horizons. In the short run, factors of production like factory size cannot change but are fixed, while in the long run all factors can adjust. For example, an initial factory building cost is fixed in the short run but variable in the long run when the factory size can be increased or decreased through expansion, contraction or sale of portions of the building.

Author

Altaf4u

Language

EN