In the long run, fixed costs are
A) sunk.
B) avoidable.
C) larger than in the short run.
D) not included in production decisions.
B
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Suppose an attorney has hired a very well-educated secretary that is not only more productive in filing briefs but also more productive at typing than he is
Can you provide any explanation for why it might still make sense for him to continue filing briefs while the secretary continues to do the typing?
The four-firm concentration ratio of the aircraft industry is over 80 percent. Most economists would consider this industry an oligopoly
Indicate whether the statement is true or false
In Figure 4-5, the commodity market is in equilibrium
A) at points B, C, and E. B) at points A and E. C) only at point E. D) at points E and D. E) at points A, B, E, and C.
Employers rely on a job applicant's signals
a. because they are always an accurate indication of the applicant's skills b. because actual abilities are not observable prior to employment c. because actual abilities are not observable after the applicant is hired d. only when hiring someone for an entry-level position e. only when hiring someone who has a college degree