In the long run, the:
A) availability of at least one input is fixed.
B) Firm's operating decisions are typically constrained by prior capital expenditures.
C) availability of all but one input is fixed.
D) firm has complete flexibility with respect to input use.
Correct Answer:
Verified
Q10: Fixed costs include:
A) variable labor expenses.
B) output-related
Q11: In the decision process, management should always
Q12: Incremental cost:
A) always equals marginal cost.
B) never
Q13: Marginal cost equals:
A) average variable cost at
Q14: Each point on a long-run average cost
Q16: A firm's capacity is the output:
A) maximum
Q17: Incremental cost is the change in:
A) total
Q18: Average cost declines as output expands in
Q19: If the slope of a long-run total
Q20: Sunk costs:
A) typically involve multiple units of
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