Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue2 Marks
Question
What is the long period of time ?
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Answer
When producer can change the factors production, doing classification of production cost, it can expand or contract of unit size, or, can increase or decrease the numbers of firm, can increase or decrease the production according to change in demand in a big quantity.
E.g. Plant machinery or building can expand or contract, it increase or decrease the production.
In short, all factors of production are variable and adjustable in long run.
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