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Author Question: The length of the short run is the same for all firms. Indicate whether the statement is true or ... (Read 38 times)

Melani1276

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on: Jul 1, 2018
The length of the short run is the same for all firms.
 
  Indicate whether the statement is true or false

Question 2

Production functions only apply to advanced economies.
 
  Indicate whether the statement is true or false


GCabra

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Reply #1 on: Jul 1, 2018
Answer to Question 1

False. Firms differ in their ability to change the amount of capital they employ. Therefore, the short-run period is likely different for firms in different industries.

Answer to Question 2

False. Production functions describe the relationship between inputs and outputs, and apply to all kinds of economies.


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Melani1276

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Reply #2 on: Jul 1, 2018
Thank you :)


GCabra

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Reply #3 on: Jul 1, 2018
Happy to help you


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