Short Run Economic Costs Must Be Lower Than Long Run

question 8

True/False

Short run economic costs must be lower than long run economic costs because long run economic costs include the cost of inputs that are fixed in the short run (and thus are not part of short run cost).

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Definitions:

Aerobically Fit

Refers to a state of physical fitness characterized by improved efficiency of the cardiovascular system in absorbing and transporting oxygen.

Blood

A vital fluid in humans and animals that delivers necessary substances such as nutrients and oxygen to the cells and transports metabolic waste products away.

Interval Training

A type of workout alternating between periods of high-intensity exercise and periods of lower intensity or rest, effective for building endurance and strength.

Aerobic Workouts

Exercises that increase the heart rate and promote the circulation of oxygen through the blood, improving overall fitness.