Which of the Following Statements Is False

question 87

Multiple Choice

Which of the following statements is false?

• A)An explicit cost is a nonmonetary opportunity cost.
• B)In the short run: total cost = fixed cost + variable cost.
• C)Variable costs are costs that change as output changes.
• D)In the long run there are no fixed costs.

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Definitions:

Total Surplus

The sum of consumer and producer surplus, measuring the total net benefit to society from trading a good or service.

Supply

The total amount of a specific good or service that is available to consumers, typically influenced by the price level, production costs, and other factors.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from the production and consumption of goods and services.

Demand

The quantity of a particular good or service that consumers are willing and able to purchase at various prices during a given period of time.