Choose the statement that is true. Fixed costs in the long run can become variable in the short run. Total costs are usually higher in the long run than in the short run. The long run marginal cost is the envelope of all the short run marginal costs. Compeitive firms respond more in the long run that in the short run, to a price change.

Choose the statement that is true. Fixed costs in the long run can become variable in the short run. Total costs are usually higher in the long run than in the short run. The long run marginal cost is the envelope of all the short run marginal costs. Compeitive firms respond more in the long run that in the short run, to a price change.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 1DQ

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