In long run, which factor of production is fixed?
A) labour
B) capital
C) building
D) none of the above
Correct Answer:
Verified
Q10: AFC curve will always be
A)rectangular hyperbola
B)u shaped
C)horizontal
D)downward
Q11: Implicit cost of a factor of production
Q12: Economic cost include both
A)explicit cost and implicit
Q13: The U shape of MC curve reflects
A)economies
Q14: Envelope curve is
A)long run marginal cost curve
B)long
Q16: The U shape of the average total
Q17: The total fixed cost is a
A)horizontal straight
Q18: When AC minimum in short run
A)ac <
Q19: The shape of TVC and TC are
A)rectangular
Q20: The cost expressed not in terms of
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