What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
In the short run, total cost = variable cost + fixed cost; but in the long run, total cost = variable cost because there are no fixed costs in the long run.
You might also like to view...
Which of the following people is most likely to be structurally unemployed?
a. Brendan left his job as a short-order cook in New Jersey to become a short-order cook in Madrid, New Mexico. He was unemployed for six weeks during the transition. b. Mildred quit her job after giving birth to a child. c. Clem, a skilled corset maker, lost his job when his factory shut down due to a permanent reduction in the demand for corsets. d. Danielle lost her job when the electronics assembly plant was shut down temporarily due to low product sales in a slumping economy.
There are at least ______ factors in addition to price that affect demand.
a. three b. four c. five d. two
The primary reason conglomerate mergers are the most difficult to attack under the antitrust laws is that
a. these mergers always involve a domestic firm and a foreign firm b. these mergers always involve the largest corporations in the United States c. there is no statute the government can use to attack them in court d. these mergers do not increase concentration in any market e. these mergers are always beneficial
Which of the following transactions would impact the category of U.S.-owned assets abroad?
a. A U.S. resident purchases stock in a Dutch oil company. b. The U.S. Treasury sells bonds to Canadian investors. c. An American firm in Detroit buys oil from Saudi Arabia. d. An importer in Mexico purchases U.S. merchandise.