What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
In the short run, total cost = variable cost + fixed cost; but in the long run, total cost = variable cost because there are no fixed costs in the long run.
Economics
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What is one of the most important benefits of the Internet?
A) The Internet has increased asymmetric information. B) The Internet has reduced asymmetric information. C) The Internet has increased moral hazard. D) The Internet has increased transaction costs.
Economics
Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1 . If market demand is given by QD = 1050 ? 50P, how much will the individual firm produce?
a. 3 b. 4 c. 5 d. 6
Economics