Question

Characteristics of long period market:

1. All factors of production and costs are variable.
2. Firms are able to adjust all costs.
3. It is for a few years, generally up to five years.
4. Supply of commodity cannot be increased.

Options

• a, c, d

• a, b, c

• b, c, d

• a, b, c, d

Answer 1

a, b, c