Long-run average cost is defined as:
A) the minimum average cost of producing any level of output when all inputs are variable.
B) the minimum average cost of producing any level of output when the amount of capital is varied and all other inputs are held constant.
C) the average of the short-run costs associated with each amount of capital employed by the firm.
D) the minimum average cost of producing any level of output when all inputs are fixed.
A
You might also like to view...
During periods of unemployment
A) the economy operates at a point inside the production possibilities curve. B) the economy operates at a point outside the production possibilities curve. C) the production possibilities curve shifts inward. D) the production possibilities curve shifts outward.
Higher rates of productivity growth are most closely associated with higher rates of
a. consumer spending. b. investment spending. c. government spending. d. import spending.
A rise in foreign real national income tends to raise U.S. __________, shifting the U.S. AD curve to the __________
A) exports; left B) exports; right C) imports; left D) imports; right
Of all federal receipts (tax receipts and borrowing) about _____ comes from the payroll tax.
Fill in the blank(s) with the appropriate word(s).