The fixed expense on a fixed level of capital in the short run becomes a fixed cost for the firm in the long run.
Answer the following statement true (T) or false (F)
False
Rationale: It becomes a variable cost in the long run.
Economics
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Refer to Table 2-7. Which of the following statements is true?
A) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Mickey has an absolute advantage in making both products.
Economics
Use the firm's long-run cost-minimizing decision rule to explain the differences in the relative use of capital and labor in agriculture in the United States and the Peoples Republic of China
What will be an ideal response?
Economics