Output supply is more responsive to price in the short run than in the long run.
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Q19: If the wage falls, we know for
Q20: If the production technology has increasing returns
Q21: Which of the following are true in
Q22: After a firm makes both short and
Q23: Output price changes cause substitution effects and
Q25: Suppose GE produces 1 million light bulbs
Q26: After a firm makes short-run adjustments in
Q27: If a firm's labor input response to
Q28: The parameter A re-scales the production function
Q29: Suppose there are different ways of producing
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