Which statement is FALSE?
A) A firm cannot experience both economies of scale and diminishing marginal product.
B) A firm's long-run average costs can be increasing, decreasing or remain unchanged as output increases.
C) A firm has no fixed costs in the long run.
D) Long-run average total costs are decreasing as output increases if a firm is experiencing economies of scale.
Correct Answer:
Verified
Q1: Which statement is true?
A)Marginal cost intersects the
Q3: In the long run:
A)A firm can vary
Q4: A short-run production function at some point
Q5: Which statement is true?
A)Long-run average costs are
Q6: A firm has a short-run cost function
Q7: A firm's short-run MC curve:
A)Is eventually upwards
Q8: In the short run:
A)At least one factor
Q9: Which statement is true?
A)Marginal cost always lies
Q10: A firm has a short-run cost function
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