Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: Between 1930 and 1935, millions of U.S. farm families lost their farms, and less output was produced by the remaining farms. (See Figure 8.6.)

A firm's long run cost is the cost of production when the firm

A) calculates its cost at least one year into the future. B) adds together all of its short run costs. C) uses the economically efficient quantities for its plant and its labor. D) can vary the amount of output it produces.

Accountants and Economists differ in their calculations of profits in that;

a. economists consider sunk costs b. accountants consider implicit costs only c. accountants consider explicit costs only d. all of the above