WAEC Economics 2014 Objective — Question 24

Question 24 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.

Increase in supply due to changes in plant size will take place only in the

A. normal time
B. long runCorrect
C. market period
D. short run

Explanation

It is only in the long run that the firm can change the entire plant size. In the short run, all inputs cannot be varied — at least one must be held constant.

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