Which of the following statements best represents a difference between short-run and long-run cost? Less than one year is considered the short run; more than one year the long run. There are no fixed costs in the long run. In the short-run labor must always be considered the variable input and capital the fixed input. All of these are true.
Which of the following statements best represents a difference between short-run and long-run cost? Less than one year is considered the short run; more than one year the long run. There are no fixed costs in the long run. In the short-run labor must always be considered the variable input and capital the fixed input. All of these are true.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 4SQ
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Which of the following statements best represents a difference between short-run and long-run cost?
Less than one year is considered the short run; more than one year the long run.
There are no fixed costs in the long run.
In the short-run labor must always be considered the variable input and capital the fixed input.
All of these are true.
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