Author Question: Short-run total cost is the sum of a. short-run fixed cost, short-run variable cost, and short-run ... (Read 151 times)

silviawilliams41 · **on:** Jul 1, 2018

Short-run total cost is the sum of
a. short-run fixed cost, short-run variable cost, and short-run marginal costs.
b. short-run fixed cost and short-run marginal costs.
c. short-run variable cost and short-run costs.
d. short-run fixed cost and short-run variable cost.

Question 2

For a constant-returns-to-scale production function,
a. marginal costs are constant but the average cost curve has a U-shape.
b. both average and marginal costs are constant.
c. marginal cost has a U-shape; average costs are constant.
d. both average and marginal cost curves are U-shaped.