Asked by Amber Hodge on May 01, 2024
Verified
If the price is between $130 and $145,what will the firm do (a)in the short run? (b)in the long run?
Short Run
Refers to a period in which at least one input is fixed, limiting the capacity of the economy or firm to adjust to changes in demand.
Long Run
A period in which all inputs can be adjusted by firms, allowing for full adjustment to market conditions or changes in production technology.
- Analyze firm behavior under specific price conditions in both the short run and the long run.
Verified Answer
ZK
Learning Objectives
- Analyze firm behavior under specific price conditions in both the short run and the long run.