If firms have to change their production techniques in order to ...

[acc299]

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.

[al]

Answer to Question 1

False

Answer to Question 2

d

[acc299]

Excellent

[EAN94]

TYSM