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Production And Costs
Question
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What is meant by long run (long period)?

Answer

A long period is a time period during which a firm can change all factors of production including fixed factors like machinery, building, organisation.

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Some More Questions From Production And Costs Chapter

What is meant by law of supply?

What is meant by change in quantity supplied?

What is meant by change in supply?

Due to improvement of technology, marginal costs of production of televisions have gone down. How will it affect the supply curve of television?

What effect does a cost saving technological progress have on supply curve?

What effect does an increase in input price have on supply curve?

What effect does an increase in excise tax have on supply curve of product?

If a farmer grows rice and wheat, how will an increase in price of wheat affect supply curve of rice?

What is meant by market period?

How will an increase in number of firms shifts the market supply curve?