Answered

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Multiple Choice Question

In the long run, price is determined by the:
A. costs
B. market
C. suppliers
D. producer

Sagot :

GinnyAnswer

Final answer:

Price in the long run is influenced by production costs under varying conditions, interacting with supply, demand, and market structure.


Explanation:

Price in the long run is determined by the cost of production of a commodity produced under the least advantageous conditions, influencing market dynamics and firm decisions. This is evident when markets respond to the interaction between supply, demand, costs, and market structure. Market structure, reflecting how competitive the industry is, plays a significant role in shaping prices and quantities traded.


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https://brainly.com/question/14787713


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