In the long run, total variable cost is zero
Indicate whether the statement is true or false
FALSE
You might also like to view...
The figure above shows the market for coffee. If the efficient quantity of coffee is produced, the producer surplus is
A) $10 million. B) $20 million. C) $60 million. D) zero.
Why do economists prefer using the term economic fluctuation rather than business cycle?
a. political correctness b. number of parameters involved c. excessive volatility of the cycles d. lack of regularity of a cycle
According to John Maynard Keynes
a. effective demand determines real GDP. b. Say's Law is always correct. c. a free market economy automatically finds equilibrium at full employment. d. prices and wages move up and down freely. e. supply creates its own demand.
If the principle of increasing marginal opportunity cost holds, the opportunity cost of producing each additional unit of a good should fall as production of that good rises.
Answer the following statement true (T) or false (F)