If a firm incurs a cost of $5 million even though it is producing nothing, that $5 million is a:
A) fixed cost, and the firm is operating in the short run.
B) variable cost, and the firm is operating in the long run.
C) fixed cost, and the firm could be operating in the short run or the long run.
D) variable cost, and the firm could be operating in the short run or the long run.
Correct Answer:
Verified
Q53: A cost that does not change as
Q54: The short-run cost that is zero when
Q55: The cost that is greater than zero
Q56: In the short run, all costs are:
A)
Q57: Over the short run, total cost is
Q59: A firm has a fixed cost of
Q60: A firm has a fixed cost of
Q61: A firm has a fixed cost of
Q62: A firm has a fixed cost of
Q63: Total variable costs:
A) increase as output increases,
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