Multiple Choice
In the long run,
A) the firm's fixed costs are greater than its fixed costs in the short run.
B) all of the firm's costs are explicit costs; there are no implicit costs of production.
C) the firm is more profitable than it is in the short run.
D) all of the firm's costs are variable costs.
Correct Answer:
Verified
Correct Answer:
Verified
Q46: In the long run which of the
Q47: On an isoquant/isocost graph, the least cost
Q48: Economic costs of production differ from accounting
Q49: Economic costs include implicit costs but not
Q50: Figure 11-6<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 11-6
Q52: The president of Toyota's Georgetown plant was
Q53: If the marginal product of labor is
Q54: In the long run, the relevant cost
Q55: Average fixed costs of production<br>A)remain constant.<br>B)will rise
Q56: Which of the following is an implicit