In the Long Run,all Costs Are

question 43

Multiple Choice

In the long run,all costs are:

• A)fixed.
• B)constant.
• C)variable.
• D)marginal.

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Definitions:

Balance Sheet

A detailed statement that captures a business's assets, liabilities, and shareholder equity as of a specific date.

Time Period Assumption

The long life of a company can be reported in shorter time periods, such as months, quarters, and years.

Business Entity

A corporation, partnership, association, or any other legal entity engaged in economic activities, such as selling goods or services.

Quarters

A three-month period on a financial calendar that acts as a basis for reporting earnings and paying dividends.