Multiple Choice
Which of the following statements best represents a difference between short-run and long-run cost?
A) Less than one year is considered the short run; more than one year the long run.
B) There are no fixed costs in the long run.
C) In the short-run labor must always be considered the variable input and capital the fixed input.
D) All of the above are true.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: As a firm attempts to increase its
Q4: Carefully explain if the following statements are
Q5: The learning curve<br>A)is really no different from
Q6: The major advantage of using cross-sectional analysis
Q7: To an economist,total costs include<br>A)explicit,but not implicit
Q9: When the survivorship method of cost estimating
Q10: The learning curve indicates that<br>A)economies of scale
Q11: Economies of scale are indicated by<br>A)declining long-run
Q12: The main factor that explains the difference
Q13: If total cost equals $2,000 and quantity