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Exhibit 8-4 Does Exhibit 8-4 Represent a Long-Run or a Short-Run

Question 57

Multiple Choice

Exhibit 8-4 Exhibit 8-4 Does Exhibit 8-4 represent a long-run or a short-run situation? A) long run because there is no fixed cost B) short run because there is no equilibrium C) long run because there is an equilibrium level of output D) short run because there is fixed cost E) long run because there is a normal profit Does Exhibit 8-4 represent a long-run or a short-run situation?

A) long run because there is no fixed cost
B) short run because there is no equilibrium
C) long run because there is an equilibrium level of output
D) short run because there is fixed cost
E) long run because there is a normal profit

Correct Answer: