The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 9MC
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The long run is a period of time, or a time frame, in which
all resources are fixed.
the level of output is fixed.
the amount of all resources can be varied.
the capacity of the production plant is fixed.
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