What is meant by market period?Explain in detail with example.
Dear student,
Market period refers to a time period in which all the inputs used in production of an output are fixed. In a market period, quantity of output is also fixed. It is a very short period of time in which a firm can not change its supply, a firm sells only that what it has produced, it can not go for further production at that period.
Regards
Market period refers to a time period in which all the inputs used in production of an output are fixed. In a market period, quantity of output is also fixed. It is a very short period of time in which a firm can not change its supply, a firm sells only that what it has produced, it can not go for further production at that period.
Regards