EBK ECONOMICS TODAY
18th Edition
ISBN: 9780100663336
Author: Miller
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 25, Problem 1CTQ
To determine
Period of long-run.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Discuss why the long-run ATC curve is generally U-shaped
The basic characteristic of the short run is that?
What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- What is the difference between short-run and long-run?arrow_forwardWhich are the following are short-run and which are the long-run adjustment? Explain in your own words with the help of examples. Wendy’s builds a new restaurantHarley-Davidson corporation hires 200 more production workers.A farmer increase the amount of fertilizer used on his corn cropAn Alcoa aluminum plants add a third shift of workersarrow_forwardDistinguish between short-run and long-run supply curves.arrow_forward
- Long-run: Assume you are examining the economy of India. Assume the Indian economy is initially in equilibrium. Suppose a war breaks out between India and neighboring Pakistan. What happens to Indian equilibrium if 500,000 Pakistanis immigrate to India in the span of a year? Analyze this strictly in the context of production. Group of answer choices real GDP rises, price level rises real GDP rises, price level falls real GDP falls, price level rises real GDP falls, price level fallsarrow_forwardThen, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.arrow_forwardWhich are the following are short-run and which are the long-run adjustment? Explain with the help of examples. a) Wendy's built a new restaurant. b) Harley Davidson corporation hires 200 more production workers. c) A farmer increase the amount of fertilizer used on his corn crop. d) An Alcoa aluminum plants add a third shift of workers.arrow_forward
- Suppose that the cost of all inputs (both labor and capitol) decreases. What will happen to the long-run cost curve?arrow_forwardwhat is the difference between a firm's expansion path in the short run compared to the long run?arrow_forwardWhy Law of Diminishing Returns is a short run law?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning