In the long run:
A. all costs are variable costs.
B. all costs are fixed costs.
C. fixed costs are greater than variable costs.
D. variable costs equal fixed costs.
Answer: A
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Some economists conduct empirical research on the theory of the firm by measuring the degree of technical efficiency achieved by actual firms. What type of research contributions are provided by these studies?
A) Normative B) Positive C) Administrative D) Executive
If the expected price of oil rises, then
A. the equilibrium price and quantity will not change. B. the current equilibrium price will rise, and the current equilibrium quantity will fall. C. the current equilibrium price and quantity will both rise. D. the equilibrium price will rise, but the change in the equilibrium quantity will depend on whether the demand change outweighs the supply change.