Answer to Question #100921 in Microeconomics for Usman Tariq

Question #100921
With the aid of diagrams, show the short-run and long-run equilibrium position of a firm in a perfectly competitive market? When a firm doubles its inputs and finds that its output has more than doubled, this is known as?
1
Expert's answer
2020-01-03T09:30:33-0500

When a firm doubles its inputs and finds that its output has more than doubled, this is known as Economies of scale


Perfect competition in short run


Perfect competition in Long run


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS