Fixed costs
A. Are constant in the short run.
B. Increase as we move from the short run to the long run.
C. Can be altered in the short run but not in the long run.
D. Increase with the level of production in the short run.
Answer: A
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Based on the information in Scenario 1, nominal GDP in 2015 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
Construction of chain-weighted real GDP employs the technique of a
A) Hilfindahl index. B) Fisher index. C) Gini index. D) Body mass index.
The function which shows combinations of inputs that yield the same output is called a(n)
A) isoquant curve. B) isocost curve. C) production function. D) production possibilities frontier.
If retailers' marginal cost from providing product-specific services for a new smart television is $50, if retailers offer the product-specific services for the television, the market ________ will ________.
A) supply; shift to the right B) supply; shift to the left C) demand; shift to the left D) supply, not shift