Question

Write 3characterstic of normal price

Answer 1

Answer:

Short-Period Normal Price: Short period of time refers to the time which is not sufficient for supply to adjust itself to demand completely. Supply can be adjusted completely if there is enough time for the factors of production to vary in accordance with the increase or decrease in demand.

Explanation:

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Answer 2

Answer:

(a) Short-Period Normal Price: Short period of time refers to the time which is not sufficient for supply to adjust itself to demand completely. Supply can be adjusted completely if there is enough time for the factors of production to vary in accordance with the increase or decrease in demand.

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