Author Question: Which of the following statements best represents a difference between short-run and long-run cost? ... (Read 33 times)

strangeaffliction · **on:** Jul 1, 2018

Which of the following statements best represents a difference between short-run and long-run cost?

A) Less than one year is considered the short run; more than one year the long run.
B) There are no fixed costs in the long run.
C) In the short-run labor must always be considered the variable input and capital the fixed input.
D) All of the above are true.

Question 2

There is an indifference curve through every bundle because of the assumption of

A) transitivity.
B) completeness.
C) rationality.
D) nonsatiation.