Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Identify which statement is a characteristic of long-run for a firm.
A. Time period with at least one fixed element
B. Time period with the least control over constraints
C. Time period of determining quantity and cost that yields the greatest profit
D. Time period when constraints are most likely to be variable

Sagot :

ayokenny2001

Answer:

D. Time period when constraints are most likely to be variable

Explanation:

The long run period of a firm is when the factors of production such as land, labor , capital etc varies. In this period, a firm is flexible in its production decision due to the variability in the factors of production.

In the long run, a firm has time to build a bigger factory hence respond to changes in demand. Also, the price level(general), expectation, and contractual wages , all adjust to the prevailing economic condition in the long run period.

Answer:

D. Time period when constraints are most likely to be variable

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.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.