What is the difference between total cost and variable cost in the long run?

What will be an ideal response?

In the short run, total cost = variable cost + fixed cost; but in the long run, total cost = variable cost because there are no fixed costs in the long run.

Economics

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What are the main functions of markets?

What will be an ideal response?

Economics

In the United States, a "buy American" act was passed in 1933 to create larger markets for domestic goods

a. True b. False Indicate whether the statement is true or false

Economics