The vertical distance between a firm's total cost curve and its total variable cost curve
a. is zero
b. is negative when the firm incurs fixed costs in the short run
c. represents total fixed costs
d. represents marginal costs
e. represents average fixed costs
C
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Use the following statements to answer this question: I. An increase in the firm's fixed costs will also shift the firm's short-run supply curve to the left. II
An increase in the firm's fixed costs will not shift the firm's short-run supply curve to the right or left, but it may alter how much of the marginal cost curve is used to form the short-run supply curve. A) I and II are true. B) I is true and II is false. C) II is true and I is false. D) I and II are false.
China's economy was much more agricultural than Russia's, and observers believe this aided its economic transition
Indicate whether the statement is true or false