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WAEC Economics 2014 Question 24

Question 24

Theory of Supply

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

  1. A.normal time.
  2. B.long run.
  3. C.market period.
  4. D.short run.
Show the answer and explanation

Answer: B (long run.)

Explanation

Plant size (a fixed factor) can only be changed in the long run.