In the Long Run, Total Variable Cost Is Zero

question 297

True/False

In the long run, total variable cost is zero.

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Definitions:

Equilibrium Quantity

The level of output at which the quantity supplied equals the quantity demanded, reflecting a market balance between sellers and buyers.

Land Market

The land market refers to the supply and demand dynamics of land for various uses, influencing prices and availability within an economy.

Marginal Productivity

The additional output derived from the use of one more unit of a factor of production, holding all other factors constant.

Productive Farmland

Land that is capable of producing a high yield of crops due to its fertility, favorable climate, or efficient management.