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Author Question: If firms have to change their production techniques in order to change the quantities they supply, ... (Read 113 times)

acc299

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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.


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al

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Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


acc299

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Reply 2 on: Jun 30, 2018
Excellent

cpetit11

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Reply 3 on: Yesterday
:D TYSM

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