In the Long Run Which of the Following Is True

question 46

Multiple Choice

In the long run which of the following is true?

• A)Total cost = fixed cost + variable cost.
• B)The size of a firm's physical plant can be changed but the firm cannot adopt new technology.
• C)There are no fixed costs.
• D)The firm can vary its explicit costs but not its implicit costs.

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Definitions:

Dick Cheney

A prominent American politician and businessman who served as the 46th Vice President of the United States under President George W. Bush.

National Security

A state or country's goal to maintain the survival of the state through necessary measures, including economic security, strength in defense, and diplomacy.

Cold War

Term for tensions, 1945–1989, between the Soviet Union and the United States, the two major world powers after World War II.

Immigration

The action of coming to live permanently in a foreign country.