Figure 7-13 -AC Is Lower in the Long Run Than in the Than

question 144

Multiple Choice

Figure 7-13
-AC is lower in the long run than in the short run because

• A)prices often fall, allowing savings on purchases.
• B)inputs can be combined more efficiently in the long run.
• C)over time the prices of all inputs tend to decrease.
• D)AFC falls with output over all ranges of output.

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Definitions:

Primary Breadwinner

The individual in a household primarily responsible for providing financial support through earned income.

Branding

The process of creating a unique name, design, and image in a consumer's mind, distinguishing one product or service from another.

Man of the House

A traditional and gendered term referring to the male family member perceived as the primary authority or provider in a household.

Household Products

Items and substances used within households for purposes such as cleaning, personal care, and maintenance.