The standard long-run model assumes that:_____.
a. technology improves at an increasing rate over time.b. technological advance is impossible.c. technology is fixed.d. costs of production are fixed.

In the long run, companies will aim to be more efficient so that they may be able to produce goods and services at a lower cost and so they will actively seek out new technology to help them with this.

This will result in technology improving at an increasing rate overtime as more and more technology is discovered and then made obsolete. Improvements in tech brings down cost and the company with the least cost will be the most profitable.

The standard long-run model assumes that:_____. a. technology improves at an increasing rate over time.b. technological advance is impossible.c. technology is fixed.d. costs of production are fixed.

Respuesta :

Otras preguntas

The standard long-run model assumes that:_____.
a. technology improves at an increasing rate over time.b. technological advance is impossible.c. technology is fixed.d. costs of production are fixed.