Which of the following is not an accurate specification of a firm's long-run total cost curve? FC stands for fixed cost, VC stands for variable cost, and AC stands for average cost, below.
A) $T C = F C + V C$ , where FC = 0
B) TC=FC + VC, where FC 0
C) $T C = w L + r K$ , where L and K are chosen to minimize cost, and w and r are input prices.
D) TC = AC x Q

Question

Which of the following is not an accurate specification of a firm's long-run total cost curve? FC stands for fixed cost, VC stands for variable cost, and AC stands for average cost, below.
A) $T C = F C + V C$ , where FC = 0
B) TC=FC + VC, where FC > 0
C) $T C = w L + r K$ , where L and K are chosen to minimize cost, and w and r are input prices.
D) TC = AC x Q

Quizplus · Accepted Answer

The Answer of Which of the following is not an accurate specification of a firm's long-run total cost curve? FC stands for fixed cost, VC stands for variable cost, and AC stands for average cost, below.
A) $T C = F C + V C$ , where FC = 0
B) TC=FC + VC, where FC > 0
C) $T C = w L + r K$ , where L and K are chosen to minimize cost, and w and r are input prices.
D) TC = AC x Q

Which of the Following Is Not an Accurate Specification of a Firm's