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The main difference between the short run and the long run is that: (i) firms earn zero profit in the long run

Economics

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The main difference between the short run and the long run is that:

(i) firms earn zero profit in the long run.

(ii) The long-run always refers to a time period of one year or longer.

(iii) In the short run, some inputs are fixed and some are variable.

(iv) In the long run, all inputs are fixed.