Homework Answers
In the immediate market period, the supply in the market would be constrained and fixed at a particular level irrespective of the price. Therefore, curve S3 denotes the immediate market period
In the short run, supply can be increased by increasing the variable inputs while being limited by the fixed inputs. Therefore, supply can be increased with an increase in demand but in the limited range compared to the long-run period. Therefore, S1(<S2) denotes short-run period and S2 denotes the long-run period
Ans: D. short run, long run, and the immediate period, respectively
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Refer to Figure 6-24. Suppose D1 represents the demand curve for
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