Question

stage not experienced by the firm in long run*
———- stage is not experienced by firm in long run
1. Increasing Return to scale
2. Constant Returns to scale
3. Diminishing Returns to scale
4. Negative Returns

Answer 1

Answer:

The long run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas in the short run firms are only able to influence prices through adjustments made to production levels.

Explanation:

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Answer 2

Answer:

The long run is a period of time in which all factors of production and costs are variable .In the long run, firms are able to adjust all costs whereas in the short run firms are only able to influence prices through adjustments made to production levels.