Economists make a distinction between the short and the long run. The difference is that in the

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Economists make a distinction between the short and the long run. The difference is that in the long run, as opposed to the short run,

a. all factors of production are fixed.

b. all factors of production are variable.

c. only constant returns to scale are possible.

d. labor productivity is maximized.

e. the law of diminishing returns takes effect.

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Principles Of Microeconomics

ISBN: 9781913689681

7th Edition

Authors: Fred M. Gottheil

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Question Posted: Nov 11, 2024 07:04 AM

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Economists make a distinction between the short and the long run. The difference is that in the

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Principles Of Microeconomics

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