A short-run total _____________ function can be deduced from the _______-run _____________ function.
A) cost, short, production
B) production, short, cost
C) cost, long, production

Question

Quizplus · Accepted Answer

In the short run, total cost is a function of production, since there are fixed costs that cannot be adjusted. Therefore, a short-run total cost function can be deduced from the short-run production function.

A Short-Run Total _____________ Function Can Be Deduced from the _______-Run

A Short-Run Total _______ Function Can Be Deduced from the _-Run