Explain with the aid of diagrams the difference between the Long Run and the Short Run time periods in Economics

Long Run is defined as that period where all factors of production can change. Short run is defined as that period of time where only variable factors can change.
Firms must cover average variable costs in the short run and they must cover average costs in the long run.
[The student is encouraged to draw a Diagram illustrating the supply decision in the short run and long run.]



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