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Pick a seller of your choice. State any three long-run decisions that he may take.

Pick a seller of your choice. State any three long-run decisions that he may take.

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Answer #1

Seller - restuarant

  • In restuarants the long run decision can be like he can sell his food at low cost intially so as to gain customer and then after some time he can increase the price
  • Restaurants can be open at high wage ecnomies .Though initially they will incur losses due to high maintanence cost but in long run period they will cover all the losses
  • When opening a new restaurant , high promotion is required which will incur huge cost intially but in ling this promotion will only earn you Profits
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