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A basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:

the firm does not have sufficient time to vary the level of all of the inputs used in the production process

the firm does not have sufficient time to cut its rate of output to zero

the firm does not have sufficient time to vary the level of any of the inputs used in the production process

there are barriers to entry that prevent new firms from entering the industry to compete for customers

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91837444

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