In the long run
A) all inputs are fixed.
B) all inputs are variable.
C) some inputs are fixed.
D) production levels never change.
Correct Answer:
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Q29: In order to minimize the cost
Q30: A firm's marginal cost is defined as
A)the
Q31: For any given output level,a firm's long-run
Q32: Short-run total cost is the sum of
A)short-run
Q33: A firm's marginal cost curve
A)is always U-shaped.
B)always
Q34: A firm's short-run average cost is defined
Q35: The shape of a firm's long-run average
Q36: For a constant-returns-to-scale production function,
A)marginal costs are
Q38: A firm's economic profits are given by
A)total
Q39: The expansion path for a constant-returns-to-scale production
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