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Author Question: Distinguish between the short run and the long run. What will be an ideal ... (Read 61 times)

Caiter2013

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on: Jun 29, 2018
Distinguish between the short run and the long run.
 
  What will be an ideal response?

Question 2

A firm has an incentive to decrease supply now and increase supply in the future if it expects that
 
  A) the price of its product will be lower in the future than it is today.
  B) more firms will enter the market in the future.
  C) the price of its product will be higher in the future than it is today.
  D) the prices of inputs used to produce the product will rise in the future.


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johnharpe

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The short run is a period of time during which the quantity of at least one factor of production is fixed and cannot be changed. The long run is a period of time long enough so that the quantities of all factors of production can be varied.

Answer to Question 2

C


Caiter2013

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

lindahyatt42

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Reply 3 on: Yesterday
Excellent

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