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What is meant by the guiding function of prices?

Ø the movement of the resources into or out of markets as a resulat changes in the equilibrium market price this is considered to be a long -run fanction on the supply side of the market sellers' may enter or leave the market vary all their factors production . on the demand side ,cnsumer may change their tests and prefernces or find long -lasting altrnative to a particular good or services .


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


What is Short run and long run price elasticity of demand?

is the long run elasticity of demand is ever smaller than the short run elasticity of demand.


How can one determine the long run equilibrium price in a market?

In a market, the long run equilibrium price is determined by the intersection of the supply and demand curves. This occurs when the quantity supplied equals the quantity demanded, leading to a stable price over time. Market forces such as competition and changes in consumer preferences can also influence the long run equilibrium price.


Why is the long run aggregate supply LRAS curve vertical?

The Long-Run Aggregate Supply Curve is vertical at full-employment GDP with respect to the price level. In the long-run the quantity of output supplied depends on the economy's resource endowment, technology, and its governing institutions. The price level does not affect these variables in the long-run.


What is the main function for sports sandals?

to run around a long stretch of grass


In the long run changes in the aggregate price level will be accompanied by?

equal proportion


Who is better price or halak?

Halak. no doubtprice will be the better goalie in the long run


In long run equilibrium a purely competitive firm will operate where price is?

nn


In a long run situation what is economic profit if the profit maximizing point is 5 and the price is 8?

because the Price is Right


Will a firm that owns its own capital equipment will have the exact same long run cost function as a firm that rents capital if both firms have the same production function?

No a firm that owns its own capital equipment will not have the exact long run cost function as a firm that rents capital even if they both have the same production function.


Perfect competition is efficient in the long run because price marginal cost and firms are producing at minimum?

Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.