Tag: production function
Questions Related to production function
In the long run production function all inputs are fixed.
In the long run there is enough time for the firm to cover its losses and earn normal profits. This is because in the long run, all inputs are __________.
The period of time in which the plant capacity can be varied is known as __________.
In the case of very short period ______ is variable.
In short run when the level of production increases, average fixed cost will____.
In the long run ___________.
____ refers to that period in which supply of a commodity can be increased or decreased depending upon changed condition of demand.
Which of these statement is more appropriate for Fixed costs ____________?
In the short run with the increase in output ____________.
Whether a firm will plan for short-run or long-run production depends upon the __________.