Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In the context of labor demand, the distinguishing characteristic of the long run is that capital is a variable input . the wage rate ,
In the context of labor demand, the distinguishing characteristic of the long run is that capital is a variable input . the wage rate , the price of capital , and the product price are fixed at their competitive values . the firm is able to maximize profit the firm has enough time to innovate
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
Macroeconomics Canada in the Global Environment
Authors: Michael Parkin, Robin Bade
8th edition
321778103, 978-0321808370, 321808371, 978-0321778109
