How long is the long run?
A) A defined, set period of time, usually a year
B) However long it would take a firm to vary all of its costs
C) However long it would take a firm to have at least one variable cost
D) None of these defines the long run.
Correct Answer:
Verified
Q127: Marginal cost is:
A)the additional output a firm
Q129: When a firm can achieve economies of
Q131: Constant returns to scale refers to when:
A)
Q132: A firm currently employs four workers in
Q133: The short run:
A) means the firm cannot
Q135: Costs that are "fixed":
A) depend on what
Q136: In the long run when average total
Q137: The marginal cost curve:
A) is U-shaped.
B) rises
Q138: A long-run ATC curve shows:
A) the minimum
Q139: The additional cost a firm will incur
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