Which statement is NOT true? Variable costs
A) are equal to total costs in the long run.
B) are zero if output is zero.
C) are equal to the difference between total cost and total fixed cost.
D) remain constant as output goes up.
Correct Answer:
Verified
Q5: Total cost is calculated as
A) the sum
Q11: Refer to the information provided in Figure
Q15: The formula for average fixed costs is
A)
Q16: Economists usually assume that labor is _
Q18: In the short run
A) existing firms do
Q27: Which of the following is most likely
Q28: Both Kate and John own saltwater taffy
Q31: Diminishing marginal returns implies
A) decreasing average variable
Q36: Short-run costs that depend on the level
Q45: The formula for MC is
A) TVC/q.
B) q/TVC.
C)
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