Long-Run Total Cost Is the Minimum Economic Cost of Producing

question 77

True/False

Long-run total cost is the minimum economic cost of producing each possible level of output when the time period is sufficiently long to change all inputs of the firm's production function.

---

Definitions:

Bribery of confidence

The act of offering, giving, receiving, or soliciting something of value to influence the actions of an individual holding a position of trust.

Non-Disclosure Clauses

Provisions in a contract that prohibit the sharing of confidential information with unauthorized parties.

Fiduciary Duty

A duty to act in the best interests of another; such duty may arise between directors and officers and the corporation they serve, between business associates including senior employees and their employer, between agents and their principals, and between partners, also called utmost good faith.

Passing-Off

The tort of misleading the public about the identity of a business or product.