Author Question: If firms have to change their production techniques in order to change the quantities they supply, ... (Read 46 times)

acc299 · **on:** Jun 30, 2018

If firms have to change their production techniques in order to change the quantities they supply, their response to a price change will be less in a period of a year as compared to what they can do in a month.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The long-run production period:
a. is a time when all inputs are variable.
b. varies in length according to how capital goods are specialized.
c. is likely longer for a steel manufacturer than for a retailer who sells watches off a cart at the local mall.
d. is characterized by all of the above.