In the Long Run, Fixed Costs Are

question 56

Multiple Choice

In the long run, fixed costs are

• A) zero and variable costs are zero.
• B) zero and variable costs are positive.
• C) positive and variable costs are zero.
• D) positive and variable costs are positive.

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Definitions:

English Auction

A public sales process where ascending bids are placed for a specific item, with the highest bid at the end winning the item.

Rational Bidders

Individuals or entities that make bid decisions in auctions based on an assessment of value, aiming to maximize their utility.

Vickrey Auction

A sealed-bid auction where the highest bidder wins but pays the price bid by the second-highest bidder.

Foreclosed

A legal process in which a lender takes possession of a property after the borrower fails to make mortgage payments.