The long run refers to the time interval in which suppliers are able to change the quantity of some, but not all, of the resources in the production of a good

Refer to Figure 11-10. Identify the minimum efficient scale of production

A) Qa B) Qb C) Qc D) Qd

Suppose that when the price of broccoli is $4 per pound, buyers wish to buy 500 pounds per day and sellers wish to sell 800 pounds per day. In this case:

A. excess supply will lead the price of broccoli to fall B. excess demand will lead the price of broccoli to fall C. excess demand will lead the price of broccoli to rise D. excess supply will lead the price of broccoli to rise