0
What else can I help you with?
What is fixed supply?
Fixed supply is the kind of supply which is not expected to run out in the near future. For example, oxygen and sunlight can be said to have fixed supply.
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
A horizontal short-run aggregate supply SRAS curve implies that in the short run?
In the short run, prices are fixed and firms produces output to meet demands. So, firms take prices as given and produce output to meet desired expenditure.
Is an Attorney's retainer a fixed or variable cost?
It is fixed in the short run, and variable in the long run
What is the shape and behavior of the supply curve for a perfectly competitive firm in the short run?
The supply curve for a perfectly competitive firm in the short run is typically upward sloping and relatively elastic. This means that as the price of the good or service increases, the firm is willing and able to produce more of it. However, the firm's ability to adjust its output is limited by its fixed inputs in the short run.
What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
Why is it that short run aggregate supply curve is normal?
Because the supply curve basically is for the short run, and not permanent for the long run. That's why it's considered normal.
Is scarcity exists in the short run because?
Scarcity exiss in short run because the world's resources are in finite supply.
Do fixed and variable costs affect short-run marginal cost?
Fixed costs do not affect short-run marginal cost because they are just that- fixed. They are not dependent on quantity when it changes and does not vary directly with the level of output. Variable costs, however, do affect short-run marginal costs.
What are the key differences between long run and short run equilibrium in economics?
In economics, the key difference between long run and short run equilibrium is the time frame in which adjustments can be made. In the short run, some factors are fixed and cannot be changed, leading to temporary imbalances in supply and demand. In the long run, all factors are variable, allowing for adjustments to reach a stable equilibrium.
Is the price elasticity of supply usually larger in the short run or in the long run?
long run is ever smaller than short run
Why do wages and row material affect short-run aggregate supply but not long-run aggregate supply?
wages and raw material effect short run aggregate supply because of productivity factor but money is neutral in the long run so will never effect long run
