Asked by Sareeka Ramlal on Jun 19, 2024
Verified
Economists consider the long run as a period of more than one year.
Hourly Wage Rate
The amount of money paid for each hour of work.
Production Technology
Refers to the methods and processes used by businesses to manufacture goods and provide services.
- Know the difference between long run and short run in economic terms.
Verified Answer
QA
Qasim AbosiJun 22, 2024
Final Answer :
False
Explanation :
Economists consider the long run as a period during which all factors of production and costs are variable, and firms can enter or exit the industry, without specifying a fixed time frame such as "more than one year."
Learning Objectives
- Know the difference between long run and short run in economic terms.