Question

Classify the market according to time period.

Answer 1

The short period market price is that functional time period price during which the size of the firm and its plant cannot be altered, thus a set of fixed factors remains unchanged in its production function and more output can be produced only by increasing the inputs of variable components under the given state of ...

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Answer 2

Very Short Period Market, Short Period Market, Long-Period Market are the markets according to period.

What is the very short period market?

• The supply of The good is constant and cannot change quickly
• Example- Flower shop, and food shop

What is the short period market?

• This market is longer than very short market
• The supply of goods is not fixed

What is the long-period market?

• The supply of the good is easily change
• The supply of goods changes with the demand for good