Increase in supply due to changes in plant size will take place only in the...
ECONOMICS
WAEC 2014
Increase in supply due to changes in plant size will take place only in the
- A. normal time
- B. long run
- C. market period
- D. short run
Correct Answer: B. long run
Explanation
The long run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels
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