WAEC - Economics (2014 - No. 21)
Increase in supply due to changes in plant size will take place only in the
normal time
long run
market period
short run
Explanation
The long run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels