Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When prices rise in the long-run, what happens to cost of production? Group of answer choices Cost of production actually falls, so real profits increase

When prices rise in the long-run, what happens to cost of production? Group of answer choices Cost of production actually falls, so real profits increase greatly. It rises, but not as much as the sales price, so real profits increase. It rises as much as the sales price rises, so real profits do not increase. Cost of production does not rise at all, so real profits increase

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Authors: Christopher T.S. Ragan, Richard G Lipsey

14th canadian Edition

321866347, 978-0321866349

More Books

Students also viewed these Economics questions

Question

In Fig. 2-6 the left hand band is narrower than the others. Why?

Answered: 1 week ago