Answer to Question #112790 in Microeconomics for Bassant

Question #112790
In an analysis of the market for paint, an economist discovers the fact that paint is lasting longer, so that property owners need not repaint as often. Explain the effect in the short & long run.
1
Expert's answer
2020-04-29T09:20:54-0400

In the short run, painting becomes cheaper because there is no repainting. In the long run, painting will become expensive because repainting will be required.


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