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Basic Question 7 of 7
Compared to the short-run demand for labor, the long-run demand for labor is likely to be ______.
B. more elastic
C. of the same elasticity
A. perfectly elastic
B. more elastic
C. of the same elasticity
User Contributed Comments 3
| User | Comment |
|---|---|
| ilgibe | all costs become variable in the long run |
| dwadd | it seems like everything becomes more elestic in the long run, b/c in the LR, you'll have more choices. |
| gill15 | thats true...long run supply is more elastic as well....producers in the short run will face more restricitions on their ability to alter output... |
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.
Andrea Schildbach
Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2024 Level I Curriculum, Volume 1, Module 1.