In the long run all costs are variable costs. Why?
What will be an ideal response?
The long run is defined as the time frame over which all resources can be varied. The costs of the variable inputs are the variable costs. Taken together, these definitions imply that in the long run all inputs are variable inputs so all costs are variable costs.
Economics
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China's economy did not decline at all during its transition from communism to capitalism
Indicate whether the statement is true or false
Economics
Currently, the price of gold is
A) fixed by the United States. B) adjusted periodically by the IMF. C) adjusted periodically by the World Bank. D) determined in the market by demand and supply.
Economics