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Author Question: How do economists define the time period known as the long run? What will be an ideal ... (Read 168 times)

bobypop

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on: Jun 29, 2018
How do economists define the time period known as the long run?
 
  What will be an ideal response?

Question 2

A marginal external cost is the cost of producing an additional unit of a good that falls on the producer.
 
  Indicate whether the statement is true or false


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medine

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

The long run is the period of time for which there are no fixed factors of production. Firms can increase or decrease their scale of operation, and firms can enter or exit the industry.

Answer to Question 2

FALSE


bobypop

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ktidd

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Reply 3 on: Yesterday
Excellent

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