Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In long-run production function, we assume that: Capital and technology are fixed, but firms can add labor to increase output. Capital and labor are fixed,

In long-run production function, we assume that:

Capital and technology are fixed, but firms can add labor to increase output.

Capital and labor are fixed, but firms can change the technology they use to increase output.

Labor and technology are fixed, but firms can add capital to increase output.

Technology is fixed, but firms can add both labor and capital to increase output

Capital, labor, and technology are fixed and output can be decreased but not increased.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided belo... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

More Books

Students also viewed these Economics questions

Question

Explain relationships between implied and express warranties.

Answered: 1 week ago