It is virtually impossible in advance to identify a long- run profit- maximising price and output. Which of the following are reasons for this? (Cross out wrong words.)
a() Cost and revenue curves are likely to shift unpredictably as a result of the policy pursued. (Yes / No)
b() Cost and revenue curves are likely to shift as a result of unpredictable external factors. (Yes / No)
c() The firm is likely to experience economies of scale. (Yes / No)
d() Some policies may affect both demand and costs. (Yes / No)
e() Different managers are likely to make different judgements about the best way of achieving long- run maximum profits. (Yes / No)

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The Answer of It is virtually impossible in advance to identify a long- run profit- maximising price and output. Which of the following are reasons for this? (Cross out wrong words.)
a() Cost and revenue curves are likely to shift unpredictably as a result of the policy pursued. (Yes / No)
b() Cost and revenue curves are likely to shift as a result of unpredictable external factors. (Yes / No)
c() The firm is likely to experience economies of scale. (Yes / No)
d() Some policies may affect both demand and costs. (Yes / No)
e() Different managers are likely to make different judgements about the best way of achieving long- run maximum profits. (Yes / No)

It Is Virtually Impossible in Advance to Identify a Long-