If firms have to change their production techniques in order to change the quantities they supply,they can respond less in a year to a price change than they could in a month.

Name: If firms have to change their production techniques in order to change the quantities they supply,they can respond less in a year to a price change than they could in a month.
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Question

Quizplus · Accepted Answer

Firms typically need more time to adjust production techniques, so they can respond more to a price change over a year than in a month.

If Firms Have to Change Their Production Techniques in Order