In the long run, a firm can usually substitute one input for another while continuing to produce
Question:
In the long run, a firm can usually substitute one input for another while continuing to produce the same level of output. If such a firm produces a given level of output using the same amount of capital but a greater amount of labor, what can we say about how the firm is producing? Why?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer The firm is producing with increasing returns to scale When a firm can produce the same level ...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
12+ Reviews
21+ Question Solved
Related Book For 
Question Posted:
