in the long period supply of commodity is
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Long period supply curves: Long period is the period during which a firm can adjust its commodity according to the changes in demand. When demand is more, new firms enter into the industry. Old firms will expand their machine and equipment.
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The longer the time period,the more elastic is supplied on a commodity. In the shorter time period, the more inelastic is supplied on the commodity. The supply of commodity can be increased or decreased in the long run that in short run.
Explanation:
The grains,precious metals,electricity ,oils,natural gags are example for traditional commodities .But forogn currency ,emmission credits are today's commodity market .
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