Analytic Time-The Long Run

Can someone please help me in finding out the accurate answer from the following question. Alfred Marshall classification of analytical time specified that in long run it is: (i) Not possible to differ technology and at least one resource is fixed and hence at least one kind of cost is as well fixed. (ii) Not possible to move resources from one industry to the other, however technological knowledge advances in the response to gain opportunities. (iii) Possible to differ technology, however at least one resource is fixed and as a result at least one form of cost is as well fixed. (iv) Possible to differ all the resources and costs and to move among industries, however no technology is fixed.

View Complete Question

Related Questions in Microeconomics

Q : Kinked demand curve about product price

When an oligopolist is aware about the firm faces a kinked demand curve, this: (1) may cut price along with little expected reaction by rivals. (2) can avoid consumer demand and preferences. (3) may keep product price despite large ch

Q : Zero economic profit in long run When

When the best a monopolist can do to produce an economic profit of zero, this will: (w) shut down in the long run. (x) shut down in the short run. (y) remain in operation in the long run. (z) raise its price to raise profit.

Q : What is technological advance Broadly

Broadly defined, technological advance: A) can occur in either the short run, long run, or very long run. B) comprises new and improved goods and services and new and improved ways of producing or distributing them. C) includes invention, but not innovation or diffusi

Q : Comparison between supply curves

Comparing supply curves S2 and S3, supply is: (w) more price elastic along S2 than along S3. (x) more price elastic along S3 than S2. (y) equally elastic along both when they have simil

Q : Labor History-Blacklisting I have a

I have a problem in economics on Labor History-Blacklisting. Please help me in the following question. Firms which colluded by circulating the names of the union organizers and hence they would have complexity getting jobs were engaged is now-illegal

Q : Marginal resource cost of labor For a

For a gain maximizing competitive firm operating in the competitive labor market, the: (1) Marginal resource cost of the labor is similar to the wage rate. (2) Supply of the labor is perfectly inelastic. (3) Production quota is precisely proportional to the labor hire

Discover Q & A

Leading Solution Library

Avail More Than 1437519 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1937216
Asked

3,689

Active Tutors

1437519

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment