In the long run
A. all costs are variable.
B. total variable cost equals total fixed cost.
C. total fixed cost is greater than total variable cost.
D. all costs are fixed.
Answer: A
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By selling additional wheat, each U.S. wheat farmer
A) decreases his total revenue because the demand for his wheat is elastic. B) decreases his total revenue because the demand for his wheat is inelastic. C) increases his total revenue because the demand for his wheat is elastic. D) increases his total revenue because the demand for his wheat is inelastic.
Which one of the following would cause a rightward shift in the demand curve of digital cameras?
A) Digital cameras become easier to use. B) The price of digital cameras decreases. C) Production methods are modified to make production of digital cameras more efficient. D) Government regulations are imposed to limit the number of digital cameras imported.
To measure how productive workers in the economy are, the best measure to use would be
A. real GDP. B. GDP divided by the population. C. GDP divided by the nation’s capital stock. D. GDP divided by hours worked.
In the long run, monopolistically competitive firms earn zero economic profits.
Answer the following statement true (T) or false (F)