In the long run: all costs are variable costs. all costs are fixed costs. variab

Question

In the long run: all costs are variable costs. all costs are fixed costs. variable costs equal fixed costs. fixed costs are greater than variable costs. Economies of scale are indicated by: the rising segment of the average cost curve. the declining segment of the average cost curve. the difference between total revenue and total cost. a rising marginal cost curve. The long run is characterized by: the relevance of the law of diminishing returns. at least one fixed cost. insufficient time for firms to enter or leave the industry. the ability of a firm to change its plant size. If a firm decides to produce no output in the short run, its costs will be: its marginal cost. its fixed plus its variable costs. its fixed costs. zero.

Explanation / Answer

35. In the long-run

A. All costs are variable costs.

36. Economies of scale are indicated for:

B. The declining segment of the average cost curve.

37. The long-run is characterized by:

D. The ability of the firm to change its plant size.

37. If a firm decides to produce no output in the short-run, the will costs will be:

C. Its fixed costs.

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