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Question:

What are the average fixed cost, average variable cost and average cost of a firm? How are they related? 

Answer:

No, there cannot be any fixed cost in the long run. In the long run, a firm has enough time to modify factor ratio and can change the scale of production. There is no fixed factor as the firm can change quantity of all the factors of production and therefore there cannot be any fixed cost in the long-run.


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