Which of the following statements is TRUE? Select all that apply. A:The long run is a...

Which of the following statements is TRUE? Select all that apply.

A:The long run is a period long enough for a firm to adjust the quantities of all the resources that it employs, including plant capacity.

B:The long run is a period is a period too brief for a firm to alter its plant capacity, yet long enough to permit a change in the degree to which the plant’s current capacity is used.

C:Average product is the extra output or added product associated with adding a unit of a variable resource to the production process.

D:Total product is the total quantity, or total output, of a particular good or service produced.

Expert Solution

Statements A and D are true which are-

The long run is a period long enough for a firm to adjust the quantities of all the resources that it employs, including plant capacity.

Total product is the total quantity, or total output, of a particular good or service produced.

Long run is a period, that is long enough for the firms to adjust all its inputs according to change in the conditions. In the long run, firm can change its factory size, switch to new techniques of production, purchase new plant etc.

Total product refers to the total quantity of a good or service by a firm during a given period of time.

Other statements B and and C are not true because-

The long run is not a brief period to alter it's plants capacity. The long run is a long period in which plants capacity can be altered.

Marginal product is the extra output or added product associated with adding a unit of a variable resource to the production process.

Rahul Sunny answered 1 year ago

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