Multiple Choice
How long is the long run?
A) It is a defined, set period of time, usually a year.
B) It is however long it would take a firm to vary all of its costs.
C) It is however long it would take a firm to have at least one variable cost.
D) None of these defines the long run.
Correct Answer:
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A)the additional output a firm
A)decrease when marginal product rises
A)is U-shaped.
B)rises when marginal
