Short-run costs are never equal or lower than long-run cost
Indicate whether the statement is true or false
False. Since the long-run curve "envelopes" all short-run curves there is always a level of output where short-run cost are equal to long-run cost. However, short-run cost can never be lower than long-run cost.
Economics
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Household income after taxes is called: a. national income
b. gross domestic product. c. disposable personal income. d. gross national product.
Economics
______ identifies all of the input combinations that efficiently produce a given amount of output.
A. A production function B. An efficient production frontier C. A production possibilities curve
Economics