Multiple Choice
Which of the following statements is (are) TRUE?
I. The firm's total cost is the sum of its fixed and variable costs.
II. Over the long term, the costs of the firm's inputs tend to become fixed.
III. In the long run, the firm can adjust the use of all of its inputs.
A) II
B) I
C) I and III
D) I, II, and III
Correct Answer:
Verified
Correct Answer:
Verified
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