A firm's marginal and average costs may differ in the long and short run because:
A. in the short run all inputs are fixed.
B. in the long run all inputs are fixed.
C. in the short run all inputs are variable.
D. in the long run all inputs are variable.
D. in the long run all inputs are variable.
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Business people often use "hunches" and intuition to make decisions regarding what to produce
a. True b. False Indicate whether the statement is true or false
When a person smokes a cigarette in his car and throws the butt out of the window, this is a(n)
A. marginal cost. B. internal benefit. C. external cost. D. marginal personal benefit.
An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied. B) greater than normal profit. C) how average productivity is changing. D) how the government determines the price of the product.
As one moves down a straight-line demand curve away from the vertical axis, demand becomes less elastic and then inelastic
a. True b. False Indicate whether the statement is true or false