In the long run,firms can vary all inputs in the production process.
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Q9: Economic profit always exceeds accounting profit.
Q10: Diseconomies of scale are present when the
Q11: In the short run,all costs are variable.
Q12: In the short run,some costs are fixed.
Q13: The total fixed cost of operating a
Q15: A Texas oil woman would like to
Q16: One would expect to observe a diminishing
Q17: When marginal cost is increasing,average total cost
Q18: If the marginal cost is less than
Q19: When marginal cost exceeds the average variable
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