Which of the Following Statements Is True

question 22

Multiple Choice

Which of the following statements is true?

• A)In the short run, there are no fixed costs, only variable costs.
• B)In the short run, there are fixed and variable costs, but in the long run there are only fixed costs.
• C)In the short run, there are fixed and variable costs, but fixed costs are the only costs a firm is concerned with.
• D)In the long run, there are no fixed costs.

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Definitions:

Total Revenue

The entire amount of income generated by the sale of goods or services.

Color Printer

A device for printing documents and images in color, using a combination of ink or toner.

Exclusive Right

A legal provision or contract granting a party sole authority to use, sell, or license a particular product, service, or intellectual property.

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A system for delivering television programming to paying subscribers via radio frequency signals transmitted through coaxial cables or digital light pulses through fiber-optic cables.