Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Are the short-run and long-run concepts comparable? Answer: The short-run and the long-run concepts are not comparable because the ________ behind the short-run and long-run
Are the short-run and long-run concepts comparable? Answer: The short-run and the long-run concepts are not comparable because the ________ behind the short-run and long-run concepts are different. The short-run concept of diminishing marginal returns assumes that at least one of the inputs is fixed, on the other hand, economies and diseconomies of scale as well as returns to scale - the long-run concepts - assume that all the inputs are variable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started