Based on the table above which shows Chip's costs, if Chip shuts down in the short run, his total cost will be

Explain the difference between the short run and the long run as it relates to the firm's production function. Why is this distinction important to a firm's manager?

What will be an ideal response?

In calculating GDP, "transfer payments" are

A) included because they are re-valuations of existing wealth. B) excluded because no goods or services were produced in exchange for them. C) included because they are payments for labor services. D) excluded because used goods already counted the year they were produced.