Which of the following statements is true for a given level of output?
A. Long-run average cost will always be greater than or equal to short-run average cost.
B. Long-run average cost and short-run average cost will be equal because the firm will use different input combinations in each period.
C. Long-run average cost will usually be greater than short-run average cost because more output is produced over the long run.
D. Long-run average cost will always be less than or equal to short-run average cost.
D. Long-run average cost will always be less than or equal to short-run average cost.
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A firm can better align its salespersons goals to its own if
a. It bases performance evaluation on revenues b. It pays its salespeople a commission based on profits c. It pays its salespeople a commission based on sales d. It pays its salespeople a salary
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce more of something than others with the same resources. C) prefer to do one particular activity. D) can produce something at a lower opportunity cost than others.