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A-LevelEconomicsThe price system and the microeconomy9708/12 · Feb/Mar 2025 · Q21 Mark

To increase production, a firm in industry X needs to install capital equipment, while a firm in industry Y needs to research and introduce a new technology. What time periods are illustrated by these cases? industry X industry Y

Ashort run long run
Blong run long run
Clong run very long run
Dvery long run very long run

✓ Correct answer

C: long run very long run

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Topic
The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source
A-Level Economics, Feb/Mar 2025 Paper 1 Variant 2, question 2.

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