The following question are based on the following table showing the supply curves of the five individual firms constituting the rutabaga market in a small community. Assume that simultaneous changes in output by all firms do NOT affect input prices.

-The time period during which firms can raise output by using their fixed capacity more intensively is called the

Question

The following question are based on the following table showing the supply curves of the five individual firms constituting the rutabaga market in a small community. Assume that simultaneous changes in output by all firms do NOT affect input prices.
 
-The time period during which firms can raise output by using their fixed capacity more intensively is called the

Quizplus · Accepted Answer

The time period during which firms can raise output by using their fixed capacity more intensively is called the short run. This is the period during which at least one input is fixed, and firms cannot easily change their production capacity. In the given table, the quantity supplied by each firm varies as the price changes, indicating that they are operating in the short run.

The Following Question Are Based on the Following Table Showing