Which of the Following Statements Is True

question 29

Multiple Choice

Which of the following statements is true?

• A) All costs are fixed in the short run.
• B) All costs are variable in the long run.
• C) All costs are variable in the short run.
• D) All costs are fixed in the long run.

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Definitions:

Reasonable Person

A legal standard used to determine how an average person would responsibly act under certain circumstances for the purposes of establishing negligence in civil law.

Rights

Privileges or entitlements granted by law, custom, or agreement to individuals or groups, allowing them to perform certain actions or to be treated in a specific way.

Contracting Parties

Individuals, companies, or entities that enter into a contract and are bound by its terms.

Statute Of Frauds

A legal principle requiring certain contracts to be written and signed by the party or parties being charged to be enforceable.